The Mexican Peso (MXN) trades lower in most pairs on Friday as signs of entrenched inflation in most developed economies push back expectations for interest-rate cuts with bullish implications for their currencies.
The Mexican Peso falls against major peers as inflation outlook in US, Europe and UK remains stickier than expected. This will probably lead to interest rates remaining higher for longer providing support to MXN’s counterparts. USD/MXN’s short-term trend looks increasingly sideways as it yo-yos in a range.
The move comes on the back of more hawkish rhetoric from the President of the Bundesbank and European Central Bank governing council member Joachim Nagel, who suggested the ECB’s promised June rate cut may be a “one and done”. Commentary from ECB policymaker Isabel Schnabel further endorsed the view as she highlighted services sector wage inflation as a sticking point.
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