The Mexican peso is trading with gains as the market absorbs US inflation data.

usdmxn 9


The local currency is regaining ground after experiencing two consecutive days of losses, but it is on track for its second consecutive weekly decline.

The Mexican peso appreciates against the dollar on Friday morning. The local currency is regaining ground after two consecutive days of losses, in a market digesting an anticipated inflation report in the United States, crucial for the Federal Reserve.

BrokerReviewRegulatorsMin DepositWebsite🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker >>🥈Read ReviewFMA, FSAUSD 50Visit Broker >>🥉Read ReviewFSCA, CySEC, DFSA, FSA, CMAUSD 0Visit Broker >>4Read ReviewSFSA, FSCA, CySec*USD 5Visit Broker >>5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker >>6Read ReviewFCA, FINMA, FSA, ASICUSD 0Visit Broker >>7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker >>8Read ReviewNot Regulated0.001 BTCVisit Broker >>9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker >>10Read ReviewCySEC,MISA, FSCAUSD 20Visit Broker >>

The spot exchange rate stands at the level of 17.1617 units per dollar. Compared to a close of 17.2136 units yesterday, based on data from the Bank of Mexico (Banxico), the movement represents a gain of 5.19 cents or 0.30 percent for the peso.

The dollar price operates in an open range between a high of 17.2850 pesos and a low of 17.1148 units. The Dollar Index (DXY) from the Intercontinental Exchange, which measures the greenback against six reference currencies, rose 0.32% to 105.94 units.

The Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s favorite measure of inflation, rose 0.3% in March and 2.7% annually, higher than the expected 2.6%, fueling bets that rates will remain high.

Rate cut bets have waned due to the strength of the US economy and persistent inflation. CME Group’s FedWatch tool shows that the first rate cut is expected in September (44.9% probability).

The peso has retreated from its best levels in almost nine years, affected by various factors, including risk aversion and rate bets. With its current level, the peso is on track for a second consecutive weekly loss.





This article was originally published by a www.fxleaders.com

Read it HERE

Share

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *