The Mexican Peso erases earlier gains and slumps against the US Dollar, extending its weekly losses after the US Federal Reserve (Fed) kept interest rates unchanged and opened the door for a possible cut at the upcoming September meeting.
Mexican Peso depreciates over 0.10% after printing solid gains. Mexico 's economic data shows unchanged business confidence and contraction in manufacturing activity. Fed hints at possible rate cut in September, driving traders to the safety of the USD. The Mexican Peso erases earlier gains and slumps against the US Dollar, extending its weekly losses after the US Fed eral Reserve kept interest rates unchanged and opened the door for a possible cut at the upcoming September meeting.
Today’s jobless claims data and Wednesday’s ADP Employment Change in July missing the market could be a prelude to Friday’s Nonfarm Payrolls. Estimates suggest the US economy added 175K employees to the workforce, below June’s 206K. Data from the Chicago Board of Trade shows that the December 2024 fed funds rates futures contract suggests that policymakers will ease policy at least 80 basis points. Technical analysis: Mexican Peso retreats as USD/MXN rises above 18.
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