Free Trial

USDMXN Consolidates Below 17.00 Mark

MEXICO
  • Yesterday’s US inflation data spurred further strength for the Peso on Wednesday and USDMXN has spent the overnight session consolidating below the 17.00 mark. Mexico’s industrial production beat expectations in May led by the construction sector, as the “nearshoring” trend boosts demand for infrastructure, which combined with the optimistic risk backdrop provided additional tailwinds for MXN.
  • Industrial output rose 1% from April, compared to the 0% forecast by economists surveyed by Bloomberg. Construction grew 7.2% over the same period, while manufacturing contracted 1.4%.
  • The data may dampen speculation for earlier-than-expected cuts from the central bank, who remain firmly in wait-and-see mode. There are no domestic data releases for the rest of the week.

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.