The Mexican Peso capitalized on broad US Dollar weakness on Monday, climbing more than 0.1% in the mid-North American session.
Mexican Peso benefits from US Dollar weaknesses, shrugging off Banxico rate cut. Banxico Governor emphasized cautious approach to rate adjustments, stressing ongoing inflation battle. Mixed economic updates from both Mexico and the US leave traders weighing Fed's rate cut discourse against actual data. A risk-off impulse was no excuse for the Mexican currency’s bulls despite last week’s interest rate cut by the Bank of Mexico .
According to the Chicago Fed, all four categories that compose the index improved on the month. Recently, the Dallas Fed Manufacturing Index plunged further from -11.3 in February to -14.4 in March. Wages and prices increased during the month, while expectations for future manufacturing activity generally improved. Technical analysis: Mexican Peso gathers momentum as USD/MXN falls below 16.70 The USD/MXN remains downwardly biased after hitting 16.94, last week’s high.
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