USD/MXN rallies above 17.3000 as US bond yields rise, ahead of US NFP – by christianborjon USDMXN Currencies EmergingMarkets
sury bond yields and traders beginning to unwind the carry trade. Additionally, a surprise rate cut of 50 bps by the Brazil Central Bank could be seen as setting the tone for other Latin American central banks. At the time of writing, the USD/MXN is trading at 17.3617 after hitting a daily low of 16.9800.
Wall Street is trading in negative territory as investors’ mood remains depressed, courtesy in part of Fitch’s downgrade to US creditworthiness. Also, a strong across the board underpins the USD/MXN higher, reaching a two-month-high of 17.4256 early in the North American session, as data from the United States crossed the wires.
In other data, the ISM Non-Manufacturing PMI for July, also known as Services PMI, came at 52.7, below 53 forecasts and 53.9 in June. Digging into the data, a gauge of paid prices by services businesses rose to 56.8 from 54.1 in June, portraying the stickiness of inflation in services activity.report for July is expected to deliver a clear reading of the labor market. Any upward surprises could put on the table additional rate hikes by the US Federal Reserve .
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