USD/MXN retraces its recent gains from the previous session, trading around 20.00 during Wednesday’s European hours.
USD/MXN depreciates as the US Dollar faces challenges ahead of CPI data release. The upcoming US inflation report may provide insights into the scale of the Fed rate cut in September. Financial institutions expressed concerns that proposed judicial reforms could undermine judicial independence and deter foreign investment. This downside of the pair is attributed to the subdued US Dollar amid decreasing Treasury yields.
Its value is broadly determined by the performance of the Mexican economy, the country’s central bank’s policy, the amount of foreign investment in the country and even the levels of remittances sent by Mexicans who live abroad, particularly in the United States.
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