Mexican Peso recovers against USD on eve of “coin toss” US presidential election

📆 11/4/2024 4:42 AM

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📆 11/4/2024 4:42 AM
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The Mexican Peso (MXN) trades mixed in its key pairs on Monday.

The Mexican Peso pushes higher against the US Dollar on Monday as predictions of a Trump victory in the presidential election give way to doubt. Where could the Peso end up after the election? Four scenarios for the Mexican currency. USD/MXN peaked at a new year-to-date high of 20.29 on Friday and then opened a gap down on Monday. The Mexican Peso trades mixed in its key pairs on Monday.

According to Kimberley Sperrfechter, Emerging Markets Economist at Capital Economics, Mexico’s surprise GDP growth in Q3 does not “preclude another rate cut in November” by Banxico. A rate cut will depend on the path of inflation, and core inflation is likely to remain low, according to Klaus Baader, Global Chief Economist, Societe Generale. “In Mexico, the sluggish core disinflation continues amid a weakening economy, and despite significant Peso depreciation,” says Baader in a recent note.

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