USD/MXN stumbles on risk-on impulse, MXN bolstered by strong GDP – by christianborjon USDMXN Currencies EmergingMarkets Mexico
ollar . The Mexican Peso rallied for the second straight trading session, with the USD/MXN down 0.36%. At the time of writing, the USD/MXN exchanges hands at 17.5550 after hitting a daily high of 17.6236.
White House-Congress debt ceiling agreement, strong US data underpin Peso’s rally against the US Dollar During the weekend, talks between Republicans and Democrats delivered an agreement to raise the US debt ceiling, cheered by investors, as shown by equity futures rising. US President Joe Biden and House Speaker Kevin McCarthy remain confident that their agreement will pass Congress. Meanwhile, the latest tranche of economic data from the United States , puts the US Federal Reserve on center stage, with odds for a 25 bps hike in June increasing from 25.7% to 58.4% on Monday.
“It all depends on whether inflation allows the Fed to respond to a recession. If the US does slow down quite aggressively and the Fed still has a problem with inflation and dollarDuring the weekend, the Chicago Fed President Austan Goolsbee said the Fed is improving on its inflation goal but has not succeeded, adding that interest rate increases take months or years to be felt by the economy. He said that the Fed can get inflation down without a recession.
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