USD/MXN reverses from a two-week high, as well as snaps a two-day winning streak, while declining to 17.05 during the early hours of Monday’s Asian se
ssion. In doing so, the Mexican Peso pair justifies the market’s doubts about the Federal Reserve’s ability to lift thefurther while also suggesting the hawkish bias about the Mexican central bank, namely the Banxico.
It’s worth noting that Federal Reserve Bank of Cleveland President Loretta J. Mester downplayed the increase in the Unemployment Rate to 3.8% by stating that the level "is still low." The policymaker termed the US job market as strong despite recent rebalancing as she spoke at an event in Germany. About inflation, Fed’s Mester acknowledged that progress has been made but noted it remains elevated.
On the other hand, the Officials at the Banxico appear hawkish and hence this week’s Mexican Headline Inflation for August, up for publishing on Thursday, as well as Wednesday’s US ISM Services PMI, become crucial for the pair traders to watch.
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