The Mexican Peso (MXN) whipsaws between tepid gains and losses in its key pairs – USD/MXN, EUR/MXN and GBP/MXN – during the European session on Wednesday.
The Mexican Peso trades mixed in its key pairs as markets absorb heightened geopolitical tensions and idiosyncratic factors. The Peso has completed five up days in a row on a more optimistic outlook and the expectation of interest rates remaining elevated in Mexico. USD/MXN trades sideways within a larger rising channel, falling closer to support at the channel’s base.
However, Mexican Finance Minister Rogelio Ramírez de la O quickly pushed back at the downgrade, saying that Moody’s had not taken into account his budget for 2025, which was published the following day, Friday. In the 2025 budget, Ramírez de la O forecast an increase in GDP of between 2% and 3% and a much lower budget deficit of 3.9% of Gross Domestic Product . Large cost savings to the Departments of Security and Health, backed by robust growth, will lower the deficit.
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