The USD/MXN pair regains positive traction during the Asian session on Tuesday and remains close to its highest level since July 2022 touched last week.
UZD/MXN catches aggressive bids on Tuesday in reaction to Trump’s tariff remarks. A goodish USD recovery from a two-week low lends additional support to the pair. Bets that the Fed will cut rates twice in 2025 caps gains for the buck and the major. Spot prices currently trade around the 20.70-20.75 area, up over 1.0% for the day, in the wake of US President Donald Trump's tariff remarks and resurgent US Dollar demand.
Geopolitical trends can also move MXN: for example, the process of nearshoring – or the decision by some firms to relocate manufacturing capacity and supply chains closer to their home countries – is also seen as a catalyst for the Mexican currency as the country is considered a key manufacturing hub in the American continent. Another catalyst for MXN is Oil prices as Mexico is a key exporter of the commodity.
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