USD/MXN dips amidst US economy slowdown; MXN threatens new year-to-date lows – by christianborjon USDMXN Currencies EmergingMarkets Mexico
cemented the case for one more rate hike by the US Federal Reserve . The Mexican Peso threatens to fall toward new year-to-date lows, albeit the central bank of Mexico held rates unchanged at its last meeting. The USD/MXN is trading at 17.4629 after hitting a high of 17.5971.
USD/MX pair weakens as US bond yields fall, concerns over potential US recession mount as further rate hikes by the Fed hinteddeteriorated, as data from the Institute for Supply Management revealed that service business activity remains in expansionary territory but slowing down. That, alongside a contractionary figure in manufacturing, sparked fears of an upcoming recession in the United States.
Hence, the USD/MXN has fallen from around the 17.59s area, even though that consumer confidence in Mexico was 44.4 in May. Contrarily, gross fixed income climbed 0.5% in March from February, as revealed by the Instituto National de Estadistica, Geografia e Informatica on Monday.USD/MXN remains downward biased, though consolidated at around the 17.60/17.40 figure, during the last six trading days, unable to reclaim the 20-day Exponential Moving Average at 17.
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