The Mexican Peso (MXN) dropped for the second straight day versus the US Dollar (USD) as trade war fears began to fade.
The Mexican Peso depreciates as USD/MXN climbs above 20.50 as trade tensions between the US and Mexico ease. Mixed investment data and anticipated Banxico rate cut further pressure on the Mexican Peso. The White House clarifies trade measures with Mexico, focusing on anti-drug efforts. The Mexican Peso dropped for the second straight day versus the US Dollar as trade war fears began to fade.
The ISM Services PMI, for the same period as the ADP, rose 52.9 and exceeded forecasts of 52.8 but dipped compared to December’s 54.0. S&P Global featured Services PMI for January, which dipped from 56.8 to 52.9, better than the 52.8 expected. Money market fed funds rate futures are pricing in 52 basis points of easing by the Federal Reserve in 2025. USD/MXN technical outlook: Mexican Peso weakens past 20.50 as buyers target 20.90 USD/MXN rose 0.265, recovering from a weekly low of 20.
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