By IFCMarkets

Getting ready to publish Mexican statistics

Such dynamics means a rise in price of silver and weakening of the Mexican peso. On February 13, the Bank of Mexico lowered the rate to 7% from 7.25%. Against this background, last week the peso showed its maximum decline in 9 months. Market participants do not rule out further rate cuts amid relatively low Mexican inflation of 3.18% in the second half of January, in annual terms. Mexico will release many important macroeconomic data next week: inflation for the 1st half of February (Monday), final GDP and current account balance for the 4th quarter (Tuesday), retail sales for December (Wednesday), unemployment for January ( Thursday) and the trade balance for January (Friday). These figures indicators can affect the dynamics of the Mexican peso. On the other hand, silver rises in price along with other precious metals amid the risks of the coronavirus epidemic expansion. Note that the volume of silver trading on the COMEX exchange in January 2020 increased by 32% compared with January 2019 and amounted to 313 thousand tons.

Summary of technical analysis

Market Analysis provided by IFCMarkets