The Mexican Peso registers losses in early trading against the Greenback on Thursday amid increasing geopolitical risks as President Joe Biden is discussing with Israel how to attack Iranian oil facilities.
Mexican Peso snaps two days of gains and falls on Israel/Iran hostilities. Banxico ’s September poll revised USD/MXN exchange rate expectations upward, while inflation projections were lowered. Traders await September’s Nonfarm Payrolls data, with strong results likely boosting the Greenback and further impacting the Peso. Data from Mexico witnessed an increase in Foreign Exchange Reserves, according to the Bank of Mexico . The USD/MXN trades at 19.53, gaining over 0.60%.
9; Factory Orders for August shrank, missing estimates of 0% to arrive at -0.2%, down from the previous 4.9%. Market participants have put the odds of a 25 bps cut at 66.7%. According to the CME FedWatch Tool, the chances for a larger 50 bps cut diminished to 33.3%. Technical analysis: Mexican Peso falls as USD/MXN climbs above 19.40 The USD/MXN uptrend remains intact, but buyers have lost steam as shown by the Relative Strength Index .
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