The Mexican Peso was on the defensive against the US Dollar on Thursday, with buyers capitalizing on the exotic pair's dip toward an over eight-year low of 16.51.
Mexican Peso slips from multi-year lows, reacting to optimistic US growth figures and labor market resilience. Strong US GDP growth in Q4 2023 and a robust labor market boosted the US Dollar, a headwind for the Mexican currency. Fed’s Waller remains hawkish, adhering to the “higher for longer” mantra. The Mexican Peso was on the defensive against the US Dollar on Thursday, with buyers capitalizing on the exotic pair's dip toward an over eight-year low of 16.51.
Initial Jobless Claims for the week ending March 23 rose to 210K, below market expectations of 215K and lower than the previous week. The data shows that the labor market remains tight, which could deter the Fed from cutting rates. The University of Michigan Consumer Sentiment index rose to its highest level since July 2021, climbing to 79.4, exceeding estimates of 76.5. Pending Home Sales recovered in February, increasing 1.6% MoM after plunging -4.7% in January and above the consensus of 1.5%.
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