The Mexican Peso advanced against the US Dollar during the North American session on Tuesday, yet it recovered some ground after the USD/MXN hit a daily high of 20.34 due to risk aversion.
Mexican Peso stages a comeback, reversing earlier losses driven by brief escalation in Russia-Ukraine conflict. Banxico Governor Victoria Rodriguez Ceja indicates the potential for continued rate cuts. Mexico’s 2025 fiscal budget viewed as optimistic, based on growth targets of 2-3% amid concerns over public spending cuts.
Data from the Chicago Board of Trade, via the December fed funds rate futures contract, shows investors estimate 23 bps of Fed easing by the end of 2024. Last week, Moody’s changed Mexico’s credit outlook to negative, mentioning constitutional reforms that could negatively impact Mexico’s economic and fiscal strength. USD/MXN technical outlook: Mexican Peso climbs as USD/MXN drops below 20.
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