The Mexican Peso depreciated against the American currency on Friday after the US Nonfarm Payrolls (NFP) report spurred volatility in the bond market.
Mexican Peso tumbles as USD/MXN rallies above 20.00 following mixed US jobs data, hitting a daily high of 20.09 before retreating. Fed rate cut expectations remain uncertain, fluctuating between 50 and 25 bps, adding pressure on the Mexican Peso. Political instability in Mexico , driven by controversial judicial reforms, keeps traders risk-averse toward the Peso.
revealed that Mexico’s Auto Exports rose by 1.7% YoY in August after declining 2.7% YoY in July. Auto Production, meanwhile, rose by 8.3% YoY against the 2.7% of July. US Nonfarm Payrolls jumped by 142K in August but missed the mark of 160K. Should be said that July’s figures were downwardly revised from 114K to 89K. The Unemployment Rate dipped from 4.3% to 4.2%, while Average Hourly Earnings rose from 3.6% to 3.8% YoY in August.
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