The Mexican Peso edges lower against the US Dollar for the second straight day on Tuesday, though it has trimmed some earlier losses after hitting a new yearly high of 18.19 during the European session.
Mexican Peso hits new yearly low of 18.19 during European session before retreating. Mexican finance minister reassures markets, emphasizes financial discipline and investment. US job openings hit three-year low, signaling economic slowdown alongside below-estimate Durable Goods Orders. However, softer US jobs data and Mexican Finance Minister Rogelio Ramirez de la O's conference call tempered volatility in the exotic pair. The USD/MXN trades at 17.90, gaining 1.25%.
7% The futures markets suggest the Federal Reserve might cut rates by 35 basis points in 2024, according to the December 2024 fed funds future rate contract. Technical analysis: Mexican Peso depreciates as USD/MXN rallies above 17.90 As mentioned on Monday, “The USD/MXN downtrend begins to be threatened due to political uncertainty.” The pair has decisively broken above the 200-day Simple Moving Average and continued to extend its gains. The pair hit 18.
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