USD/MXN holds lower ground near multi-month low of $18.33, Fed Minutes, Mexican GDP eyed – by anilpanchal7 USDMXN GDP Fed RiskAppetite Oil
In doing so, the Mexican Peso pair cheers the retreat in the US Dollar amid a light calendar and the US holidays. Adding strength to the lackluster moves could be the cautious mood ahead of this week’s top-tier data from the US and Mexico, as well as mixed headlines surrounding the geopolitical risks emanating from Russia, China and North Korea.dwindles as the Federal Reserve hawks take a breather ahead of Wednesday’s Federal Open Market Committee Meeting Minutes.
On the other hand, an absence of US and Canadian traders allows the bond bears to take a breather and hence trigger the USD/MXN weakness. It’s worth noting that Banxico’s surprise 0.50% rate hike propelled the USD/MXN moves earlier in February. However, the USD/MXN traders will look for this week’s fourth quarter Mexican Gross Domestic Product data, up for publishing on Friday, for clear directions. Should the Mexican economy marks welcome growth figures, the odds of witnessing the pair’s slump towards $18.00 can’t be ruled out.
Also important to note is that the Mexican economy relies on Oil exports and the hopes of higher economic recovery in China keep energy buyers hopeful, which in turn weighs on the USD/MXN prices. and Retail Sales followed the previously flashed upbeat readings of employment and output data and propelled the US Treasury bond yields, as well as the US Dollar. On the same line could be the hawkish Federal Reserve comments and the risk-negative catalysts mentioned above.
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