The Mexican Peso (MXN) resumed its gains against the US Dollar (USD) due to the interest rate differential of the former against the greenback, despit
. The USD/MXN is eyeing a fall to test the year-to-date low of 16.6238, but it trades at 16.7187, down 0.13%.US equities depict investors’ positive mood amid an absent US economic calendar. Last week’s Fed Chair Jerome Powell’s speech weighed on the USD/MXN, though by the end of the New York session, the MXN extended its gains., a gauge of the buck’s value against a basket of six currencies, drops to its daily low at 103.977, a headwind for the USD/MXN.
The Fed Chair Jerome Powell said that despite two good reports on inflation, it would be appropriate to tighten monetary policy and that they would proceed “carefully” when choosing to hike rates or stay put. Powell states they would remain data-dependant and warranted additional hikes if growth and employment remained solid.
Developments in the Asian session witnessed China’s delivering stimulus amidst its troubled property sector and its equity markets. That spurred a risk-on response, thoughremained pressured as global central banks would likely continue to tighten monetary conditions. The Bank of Mexico policymakers remain hawkish on the Mexican front, as the latest meeting minutes revealed. Even though headline inflation continued to decelerate to 4.67% in August, the Mexican central bank would remain “cautious” given the inflationary, the Mexican economic agenda will deliver growth figures for the second quarter on Tuesday. The US docket will reveal Home prices, JOLTs Jobs Opening, and the CB Consumer Confidence indicator.
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