USD/MXN drops but remains above 17.0000 amidst a hot US PPI reading – by christianborjon USDMXN Currencies EmergingMarkets
exico kept rates unchanged, even though an uptick in US factory inflation boosted the USD. Nevertheless, the USD/MXN extends its losses and trades above the 17.0000 figure for seven straight days.
A risk-off impulse keeps the Greenback in the driver’s seat except for the MXN, with the emerging market currency posting solid gains of 0.87% as the USD/MXN extends its losses past 17.0000. On Thursday, Banxico decided unanimously to hold rates at 11.25%, as the central bank underscored the inflationary outlook as remaining “very complex” and suggested a similar approach as the Federal Reserve, keeping rates higher for longer.
The University of Michigan Consumer Sentiment poll, revealed that US consumer sentiment slightly deteriorated. Still, Americans remain optimistic that inflation would get lowered after the US Federal Reserve increased 525 bps its borrowing costs, with inflation expected to dive below 3% on a five-year horizon.
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