USD/MXN bounces off yearly lows, despite US Dollar weakness – by christianborjon USDMXN Currencies EmergingMarkets
. Nevertheless, the USD/MXN is still registering minimal gains of 0.15%, trading at around 17.1320, after reaching a YTD low of 17.0783.The Mexican Peso weakened amidst a risk-on impulse, as shown by Wall Street trading with gains. Market participants were surprised by the US Federal Reserve’s hawkish dot plots, with 12 of 18 officials lifting their dots past the 5.50% threshold and revising Fed Funds peak rates upward.
Data-wise, the US economic docket revealed a surprising expansion in Retail Sales, topping expectations, increasing 0.3% MoM in May, above estimates of a 0.1% contraction. At the same time, the US Department of Labor updated unemployment claims data for the June 10 week, growing above estimates of 249K, at 262K, the same as the prior’s week upward revised figures.of 0.
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