The Mexican Peso capitalizes on a softer US Dollar and registers more than 0.7% gains following Japanese authorities' intervention in the forex market.
Mexican Peso gains over 0.7%, capitalizing on US Dollar pullback triggered by Japanese intervention in Forex markets. Mexico 's economic agenda is light today, but pivotal releases like GDP figures and Banxico 's forex reserves are due later in the week. USD/MXN traders’ focus shifts to Wednesday’s Fed monetary policy decision. The Mexican Peso capitalizes on a softer US Dollar and registers more than 0.7% gains following Japanese authorities' intervention in the forex market.
Data from the Chicago Board of Trade suggests that traders expect the fed funds rate to finish 2024 at 5.035%, down from 5.050% last Friday. MXN technical analysis: Mexican Peso appreciates as USD/MXN tumbles below 200-day SMA The Mexican Peso extended its recovery to two days, reaching a two-day high of 16.98, further below the 200-day Simple Moving Average at 17.17. Further losses are seen if USD/MXN buyers fail to hold the exchange rate above 17.
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