USD/MXN dips as Mexican inflation moderates, as investors eye US inflation data USDMXN Currencies EmergingMarkets
nk. Although it’s usually a sign that should weaken the currency, falling US bond yields underpinned the USD/MXN pair, albeit the overall US Dollar strength. The USD/MXN is trading at 17.7687, down 0.17%.USD/MXN resumed its downtrend after INEGI reported that inflation in Mexico slowed for the third straight month in April to 6.25% from 6.85% YoY. The Consumer Price Index in Mexico plunged 0.02% MoM, while the core CPI rose 0.39% MoM, while annually based stood at 7.67%.
The Bank of Mexico hiked rates 25 bps in the March meeting to 11.25% while opening the door for a pause. Today’s inflation report could pave the way for a pause in the May 18 meeting, as shown by a poll by Citibanmes, which showed that most market participants estimate Banxico to keep rates unchanged. is taking all the headlines.
Meanwhile, Federal Reserve speakers Jefferson and the New York Fed President Williams crossed newswires. Jefferson commented about the banking system and added that inflation is slowing down in an “orderly fashion” but omitted to speak regarding his posture for the next meeting. Contrarily, John Williams of the NY Fed said,, emphasizing that the only change is that the US central bank would be data dependent.
Given the backdrop, further upside in the USD/MXN was warranted, but the release of inflation data in the United States would determine the fate of the USD/MXN. If April’s US CPI exceeds estimates to the upside, the USD/MXN would be bolstered by expectations for further tightening by the Fed. Otherwise, the USD/MXN could print another leg down and challenge the current year-to-date low of 17.7392, on its way toward the July 2017 low of 17.45.
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