The Mexican Peso (MXN) gathered traction against the US Dollar (USD) on Wednesday as market sentiment shifted positively due to a tranche of weaker-than-expected economic data from the United States, which weighed on the Greenback (USD).
Mexican Peso buyers are in charge after the USD/MXN slump below the 18.00 figure. Mexico's Business Confidence improved in October, rising to 54 from September's 53.8. Weak US economic data, including lower-than-expected ADP Employment Change and a drop in ISM Manufacturing PMI, put pressure on the USD. Traders brace for US Federal Reserve monetary policy decision around 18:00 GMT.
On October 24, Mexico's National Statistics Agency, INEGI, reported annual headline inflation hit 4.27%, down from 4.45% at the end of September, below forecasts of 4.38%. Mexico’s core inflation rate YoY was 5.54%, beneath forecasts of 5.60%. The Bank of Mexico held rates at 11.25% in September and revised its inflation projections from 3.50% to 3.87% for 2024, above the central bank’s 3.00% target . The next decision will be announced on November 9.
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