The Mexican Peso depreciated sharply against the Greenback on Friday and recorded new yearly highs of 20.29, above the former 20.22 peak late in the North American session, set to print weekly losses of over 1.50%.
Mexican Peso tanks as USD/MXN rises over 1.50% weekly, reaching new yearly highs. US Dollar Index climbs as Treasury yields jump, boosting Greenback strength. Mexican economic data shows resilience, but US elections add uncertainty for emerging market currencies. A busy schedule on both sides of the Bravo River saw upbeat figures in Mexico. Conversely, US job data was dismal, while manufacturing activity wascontracted. The USD/MXN trades at 20.26, up by 1.20%.
Data from the Chicago Board of Trade, via the December fed funds rate futures contract, shows investors estimate 49 bps of Fed easing by the end of the year. USD/MXN technical outlook: Mexican Peso drops as USD/MXN eyes 20.50 As commented in theprevious report, the USD/MXN finally exploded to the upside, recording a new yearly high. This has cleared the path to challenge the 20.50 figure, followed by the September 28, 2022, high at 20.57 and the August 2, 2022, peak at 20.82.
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