USD/MXN climbs from YTD lows, strengthening US economy and higher rates prospects, underpins the USD – by christianborjon USDMXN Currencies EmergingMarkets
, showing the economy’s resilience despite 500 bps of tightening and expectations for more aggressive monetary policy. Hence, the USD/MXN moved upwards from a YTD low of 16.9761 to the 17.20 region at the time of writing.US economic calendar
on Thursday began with the ADP National Employment report from June, which shows that private hiring skyrocketed to 497K, above estimates of 228K. The latest consumer sentiment poll showed that Americans were upbeat about the labor market in the last month, relative to May. Further data showed that Initial Jobless Claims exceeded 245K estimates and rose by 248K in the week ending July 1.
Aside from labor market data, the US ISM Non-Manufacturing PMI for June came above estimates of 51 and climbed to 53.9. Digging deep into the report, a measure of prices paid showed signs of deflation. After the data, money market futures showed odds for a 25 bps hike by the Federal Reserve increased to 95%, while for the November meeting increased to 38%. Consequently, US Treasury bond yields advanced above 4% for the first time since March 2023.President Lorie Logan that she favored a rate hike in June were a catalyst for USD/MXN to lift the exchange rate from 17.12 toward the 17.20s area.The USD/MXN remains downward biased but jumped above the 20-day Exponential Moving Average at 17.1802.
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