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USD Index Consolidates Gains Post NFP, USDMXN Rises 1%

MEXICO
EM BulletMexicoStoryEmerging Market NewsNorth America
  • Following the stellar US jobs report, the greenback surged prompting the ICE dollar index to print a fresh cycle high of 109.97. While there was some intra-day volatility following the data release, the DXY looks set to post 0.5% gains on the session and confirm another positive weekly advance of around 0.75%.
  • Most G10 currencies have fallen as a result, with the likes of EUR and GBP printing cycle lows against the dollar in the process. EURUSD sank to 1.0215 before partially recovering but once again, it is sterling that stands out, with cable briefly printing below 1.22.
  • Weakness for equities have played their part here, and this has filtered through to the Mexican peso extending the post-data losses. As a result, USDMXN has extended its recovery to trade at the best levels of the week ahead of the close.
  • Spot has narrowed back in on the cycle highs around 20.90, which may come back into focus as the Trump administration takeover nears and tariff risks evolve. The focus on the domestic calendar next week will be October gross fixed investment and private consumption, whereas US CPI will dominate the global docket.
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  • Following the stellar US jobs report, the greenback surged prompting the ICE dollar index to print a fresh cycle high of 109.97. While there was some intra-day volatility following the data release, the DXY looks set to post 0.5% gains on the session and confirm another positive weekly advance of around 0.75%.
  • Most G10 currencies have fallen as a result, with the likes of EUR and GBP printing cycle lows against the dollar in the process. EURUSD sank to 1.0215 before partially recovering but once again, it is sterling that stands out, with cable briefly printing below 1.22.
  • Weakness for equities have played their part here, and this has filtered through to the Mexican peso extending the post-data losses. As a result, USDMXN has extended its recovery to trade at the best levels of the week ahead of the close.
  • Spot has narrowed back in on the cycle highs around 20.90, which may come back into focus as the Trump administration takeover nears and tariff risks evolve. The focus on the domestic calendar next week will be October gross fixed investment and private consumption, whereas US CPI will dominate the global docket.