The Mexican Peso (MXN) trades marginally higher in its key pairs on Tuesday during the European session as a mood of calm pervades markets, which mildly benefits the risk-on Peso.
The Mexican Peso trades slightly higher in its key pairs but remains in a firm downtrend overall. The passage of constitutional reforms as they are debated might provide volatility for MXN going forward. USD/MXN pauses within an uptrend inside a rising channel. The Mexican Peso trades marginally higher in its key pairs on Tuesday during the European session as a mood of calm pervades markets, which mildly benefits the risk-on Peso.
From a financial perspective, they run the risk of leading to a decline in foreign investment. This, in turn, would reduce demand for the Peso, leading to a further depreciation of the currency. On the economic data front, the Mexican Jobless Rate for July and Gross Fixed Investment for June are scheduled for release on Tuesday. Recent Mexican macro data has been mixed, with the S&P Global Mexico Manufacturing Purchasing Managers Index falling to 48.5 in August from 49.
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