USD/MXN drops and remains below 17.0000 due to US inflation cooling down, risk-on mood – by christianborjon USDMXN Currencies EmergingMarkets
shows the Federal Reserve’s job is about to be achieved, as inflation continues to edge lower. At the time of writing, the USD/MXN is trading at 16.8682 after hitting a daily high of 16.9619.The USD/MXN drops due to improved, to the detriment of safe-haven peers, like the US Dollar . Data from the US Department of Labor revealed that Initial Jobless Claims for the last week climbed less than estimates of 250K, standing at 237K.
An absent Mexican economic docket leaves USD/MXN traders focused on the US dynamics. As long as the interest rate differential between the US and Mexico favors the latter, further downside is expected. However, traders must know that political risks are beginning to boil in Mexico as general elections loom for June 2024.The USD/MXN downtrend would likely continue as the pair remains below the 17.00 mark. Sellers eyeing the October 2015 swing low of 16.
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