USD/MXN plunges for the fifth straight day after economic data from the United States (US) could prevent the US Federal Reserve from tightening moneta
ry conditions, as business activity deteriorated, according to S&P Global. Hence, the USD/MXN trades at 16.8260, down 0.48%, after hitting a daily high of 16.9151.US equities are trading in the green on expectations of NVIDIA earnings reports and US S&P Global PMIs for August. The S&P Global Composite PMI compounded by Manufacturing and Services PMIs fell to 50.4 from July 52 and below estimates of 52.
US Treasury bond yields remain depressed along the whole yield curve as the 10-year Treasury Note collapses ten basis points, from 4.321% to 4.22%, weighing on the greenback., a gauge that measures the buck’s value against a basket of peers, drops 0.21% at 103.380. On the Mexican front, the economic agenda would remain empty until Thursday, when the Instituto Nacional de Estadistica Geografia e Informatica will reveal inflation figures for the first half of August, with the Consumer Price Index estimated at 4.67% on YoY, while monthly figures are expected at 0.28%. Core CPI is projected to slow down but remain stickier than expected.
Given the backdrop, USD/MXN remains bearishly biased and ready to test the yearly lows. However, the Jackson Hole speech by Fed Chair is expected to rock the boat. Investors estimate the Fed would stick to its higher-for-longer commitment and talk down the chances of interest rate cuts.From a technical standpoint, the USD/MXN is downward biased, set to re-test the year-to-date low of 16.6238, which, once cleared, the pair would continue towards the October 2015 low of 16.3267. Conversely, if USD/MXN edges back toward the confluence of the 20/50-day Moving Average at 17.0000, that could pave the way for further upside.
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