The Mexican Peso (MXN) trades just off its lows of the week on Friday after a run of three consecutive days where it lost a minimum of over 1.0% in value per day, in its three most-traded pairs (USD/MXN, EUR/MXN and GBP/MXN).
The Mexican Peso tries to find a floor after losing an average of roughly 5% in its most traded pairs so far this week. Weakness has come about as a result of cooler inflation data, weaker retail sales and political factors. Technically, USD/MXN extends its uptrend within a rising channel. The Mexican Peso trades just off its lows of the week on Friday after a run of three consecutive days where it lost a minimum of over 1.0% in value per day, in its three most-traded pairs .
The Minutes of the Fed July policy meeting, for example, noted, “the vast majority” of participants observed that “it would likely be appropriate to ease policy at the next meeting ”. Additionally, the downward revision of 818,000 to the Nonfarm Payroll survey results in the 12 months to March 2024 reignited question marks about the health of the US employment market. The US PMI data for August was mixed.
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