The Mexican Peso edged lower against the US Dollar during the North American session on Wednesday, dropping over 0.80% as traders prepared for the Federal Open Market Committee (FOMC) decision on interest rates.
Mexican Peso depreciates over 0.80% as traders eye Fed’s first rate cut in four years. Fed is expected to lower rates by at least 108 basis points by the end of 2024, potentially pressuring the US Dollar. Mixed Q2 data in Mexico and concerns over judicial reform may reduce investment attractiveness, adding to Peso volatility. The Mexican Peso edged lower against the US Dollar during the North American session on Wednesday, dropping over 0.
00 psychological level. Further upside emerges at the yearly peak at 20.22, followed by the 20.50 mark. Conversely, if USD/MXN drops below 19.15, key support levels emerge, like the August 23 daily low of 19.02, ahead of the 50-day Simple Moving Average at 18.99. Mexican Peso FAQs What key factors drive the Mexican Peso? The Mexican Peso is the most traded currency among its Latin American peers.
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