The Mexican Peso (MXN) plunged more than 1.62% against the US Dollar (USD) late in the New York session due to month-end flows favoring the USD, mixed
, sought by Fed members as its focal point, is stickier than what policymakers were projecting, stands at 4.2% YoY as foreseen but above the previous month’s 4.1%. At the same time, the unemployment claims came below estimates of 235K, at 229K, contrary to earlier data revealed during the week, that underscored the labor market was losing traction.
That said, the USD/MXN edged higher, not only on US data. Banxico reported that it’s winding down its hedge program settled in Mexican Pesos. The exotic pair rallied sharply and touched a daily high of 17.1114 before reversing its course below the 17.0000 mark. However, traders are eyeing a daily close above 17.0000, with USD/MXN buyers setting their sights on the 100-day Moving Average at 17.3072., which measures the buck’s value against a basket of six currencies, rises by 0.41%, at 103.606. US Treasury bond yields and worldwide remain depressed as traders prepare for Friday’s Nonfarm Payrolls report.
Aside from this, Banxico’s Governor Victoria Rodriguez Ceja took off from the table rate cuts, as she added, “The outlook ahead continues to be complex and uncertain. It’s important to remember that disinflation periods are not linear.” Should be said, Banxico raised growth estimates for Mexico’s economy in 2023 to 3%, above the previous estimate of 2.3%.said the policy was appropriately restrictive to bring inflation towards the US central bank’s 2% target over a “reasonable” period.
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