USD/MXN breaks above 17.0000 as sentiment turns sour, as Banxico likely to hold rates – by christianborjon USDMXN Currencies EmergingMarkets
or the first time since July 21, 2023. The USD/MXN is trading at 17.0378, above its 20-day Exponential Moving Average , bouncing from a daily low of 16.8333.A recent downgrade of debt issued by the United States turnedsour as Wall Street trades with losses. Private hiring in the US rose by 324K, according to figures published by the ADP Research Institute in collaboration with Stanford Digital Economy Lab, exceeding estimates of 189K.
Regarding Tuesday’s data, the ISM Manufacturing PMI came at recessionary territory below the 50 figure for the ninth straight month, though it continued to improve; compared to June’s 46, it arrived at 46.4. Even though it was an improvement, the trend appears to slow down. as shown by the US Dollar Index . The DXY, which tracks the greenback’s performance against a basket of peers, stands at 102.663, gaining 0.69%, underpinned by US Treasury bond yields advance.
stance should be held for awhile to wait of it to have effect,” expressed in a Banorte podcast interview. He acknowledged that core inflation is not easing as the headline, adding that “it’s important for the exchange rate to be as flexible as possible with no intervention to manipulate it to a rate where it shouldn’t be.” He added that interest rates are “correct” even if theFrom a technical standpoint, the USD/MXN downtrend remains intact but subject to a correction, as the 20-day EMA at 16.
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