USD/MXN ascends amid anticipation of US inflation data – by christianborjon USDMXN Currencies EmergingMarkets
of the border between the United States and Mexico. At the time of writing, the USD/MXN is trading at 17.0929, after hitting a daily low of 17.0330, gains 0.20%.Investors’ mood remains positive ahead of the important inflation report in the US. The Consumer for June is expected to decelerate from 4% to 3.1% in yearly figures, while month-over-month is seen at 0.3%, higher than May’s 0.1%.
In the meantime, Federal Reserve speakers remain tilted hawkish, as the Vice Chairman for Supervision Michal Barr said there’s some work to do, while Cleveland’s Fed President Loretta Mester added that “rates would need to move up somewhat further.” At the same time, San Francisco’s Fed President Mary Daly stated that “a couple of more rate hikes over the course of this year” are needed while emphasizing the risks of doing too little are higher than doing too much.
As of writing, US Treasury bond yields in the short-end of the curve are almost unchanged, while the belly and long-end are dropping, undermining the greenback. The US Dollar Index , which measures the buck’s performance against a basket of six currencies, slides 0.10%, at 101.792, falling to a new two-month low of 101.666.
On the Mexican front, an absent economic docket will leave traders adrift to US Dollar dynamics and Wednesday’s CPI data. Hot inflation in the US could be positive for the greenback and lift the USD/MXN to re-test the 17.4038 May 17 low-turned resistance. Once that level is breached, the USD/MXN could turn neutral.
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