The Mexican Peso (MXN) took a step back against the US Dollar on Tuesday after a miss in Mexican Retail Sales.
The Mexican Peso shed 1.8% against the Greenback on Tuesday. Mexico saw a much steeper contraction in Retail Sales than expected. Markets are looking for signs of Fed speak ahead of Jackson Hole. The Mexican Peso took a step back against the US Dollar on Tuesday after a miss in Mexican Retail Sales. Markets continue to tilt towards the Jackson Hole Economic Symposium later this week, looking for signs of a Fed eral Reserve rate cut in September.
Geopolitical trends can also move MXN: for example, the process of nearshoring – or the decision by some firms to relocate manufacturing capacity and supply chains closer to their home countries – is also seen as a catalyst for the Mexican currency as the country is considered a key manufacturing hub in the American continent. Another catalyst for MXN is Oil prices as Mexico is a key exporter of the commodity.
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