Free Trial

Renewed Greenback Strength Thwarts USDMXN Break Of 18.50

MEXICO
  • General USD weakness throughout the US session on Thursday prompted another test of 18.50 for USDMXN, with the pair briefly printing 18.4804. Late Fed comments stalled any downside momentum and has produced a subsequent bounce back to around 18.65.
  • BBVA’s Chief Mexico Economist, speaking at Bloomberg’s Mexico Outlook 2023 event on Thursday, stated that Banxico is likely to raise borrowing costs by another 25bps and then will not lower them until the US Federal Reserve does, most likely in 2024.
  • Friday caps off a very light domestic data week and focus now turns to December retail sales and mid-February CPI data, scheduled for release next Thursday.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.