The Mexican Peso begins the session on the defensive against the US Dollar as investors prepare for the Bank of Mexico (Banxico) monetary policy decision.
Mexican Peso weakens as investors eye Banxico policy decision on Thursday. Mexico’s retail sales data indicate cautious consumer spending, setting stage for Banxico's potential 25 bps rate cut. Banxico rate cut may shrink US-Mexico rate gap, possibly nudging USD/MXN near 17.00. Decision might not be unanimous as Deputy Governors Espinosa and Heath expressed concerns over persistent inflation.
Money market futures have adjusted their rate cut expectations to be more in line with the Fed's as they foresee theFFR at 4.71% toward the end of the year. Analysts estimate the Fed will not change its FFR level until June or later. Technical analysis: Mexican Peso treads water as USD/MXN accelerates to 16.80 As mentioned on Wednesday, “the USD/MXN is neutral to downwardly biased after buyers lifted the exchange rate to a weekly high of 16.94 before retreating beneath 16.80.
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