The Mexican Peso recovered some ground against the US Dollar on Tuesday after upbeat economic data from the United States (US), while Mexico's Business Confidence remained unchanged.
Mexican Peso climbs on Greenback as Mexico's stable Business Confidence overshadows climbing US Treasury yields. Mexico’s economic schedule will feature Gross Fixed Investment and upcoming Banxico minutes. Despite positive US job and factory order figures, the Greenback's rally loses momentum. The Mexican Peso recovered some ground against the US Dollar on Tuesday after upbeat economic data from the United States , while Mexico's Business Confidence remained unchanged.
Chair Powell said at San Francisco Fed: “The fact that the US economy is growing at such a solid pace, the fact that the labor market is still very, very strong, gives us the chance to just be a little more confident about inflation coming down before we take the important step of cutting rates.” Technical analysis: Mexican Peso buyers eye October 2015 high of 16.32 The USD/MXN consolidates within the 16.50/16.65 range for the latest five trading days.
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