USD/MXN falls as Mexican Peso gains momentum on mixed US CPI USDMXN Currencies EmergingMarkets
ther rate hike by the US Federal Reserve at the upcoming May meeting. The USD/MXN is trading at around 18.08, below its opening price by a half percent.US equities are fluctuating following an important March inflation report. The rose 5% YoY, below estimates of 5.3% and lower than February’s 6%, showing that Fed’s tightening is indeed working. Nonetheless, excluding volatile items like food and energy, the so-called core CPI rose 5.
The USD/MXN edged lower as an initial reaction to the headline, with the USD/MXN pair reaching a new weekly low of 18.0187, before rebounding and stabilizing around current exchange rates. The greenback weakened, as shown by theAt a certain point, the US 2-year bond yield dropped 14 bps, but so far has erased some of those losses and is back above 4%, down 2 bps.
Meanwhile, Federal Reserve officials posted mixed comments, led by Minnesota’s Fed Neil Kashkari, who commented on Wednesday that tighter monetary conditions and difficult credit conditions could have caused the Silicon Valley Bank crisis. But he emphasized, “We need to get inflation down. ... If we were to fail to do that, then your job prospects would be really hard.
At around 18:00 GMT, the Federal Reserve Open Market Committee will reveal its latest monetary policy meeting minutes. The minutes are expected to show discussions of the latest meeting after the defaults of Silicon Valley Bank and Signature Bank.The USD/MXN is downward biased, though facing solid support. For a bearish continuation, the USD/MXN pair needs to crack 18.00, to pave the way for a re-test of the YTD low at 17.8968.
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