The Mexican Peso stumbled and lost some 0.50% on Wednesday as risk appetite deteriorated.
Mexican Peso edges down 0.50% as USD/MXN rebounds from a daily low of 17.63. IMF lowers Mexico 's 2024 GDP forecast from 2.4% to 2.2% amid economic slowdown. Trump's interview boosts market volatility; Fed officials hint at potential rate cuts. Former US President and Republican Candidate Donald Trump’s interview with Bloomberg spooked investors, and Wall Street equity indices plunged. Therefore, the USD/MXN trades at 17.75 after bouncing off daily lows of 17.63.
June consumer inflation figures were lower than expected in the United States, increasing the chances that the Federal Reserve would lower borrowing costs in 2024 by at least 54 basis points, according to the December 2024 fed funds rate futures contract. Technical analysis: Mexican Peso trips down as USD/MXN climbs above 17.70 The USD/MXN has bottomed at around the 50-day Simple Moving Average after the pair tumbled more than 2.50% as the Mexican currency appreciated.
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