The Mexican Peso begins December on the back foot against the Greenback.
Mexican Peso drops 0.37% as November Business Confidence in Mexico worsens, signaling economic slowdown. A Banxico survey shows inflation likely to stay below 4%, but the economy will miss expectations of growth above 2% in 2024. US Dollar supported by stronger ISM Manufacturing PMI and Trump’s tariff threats, overshadowing weak economic data. The Peso is down by 0.37% amid a busy economic calendar on both sides of the border.
The CME FedWatch Tool suggests that investors see a 64% chance of a 25-basis-point rate cut at the Federal Reserve’s December meeting, down from 66% last Friday. Data from the Chicago Board of Trade, via the December Fed funds rate futures contract, shows investors estimate 16 bps of Fed easing by the end of 2024. Mexican Peso technical outlook: USD/MXN rallies past 20.35 as Peso weakens The USD/MXN uptrend remains intact despite consolidating at around 20.
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