The Mexican Peso (MXN) is recovering early in the North American session after losing nearly 3.50% in the week due to risk aversion and the Federal Re
serve's hawkish rhetoric, as most officials expect another rate hike for 2023. The emerging market currency hit a four-month low at 17.8161 against the Greenback on Wednesday. Still, the looming central Bank of Mexico decision boosted Mexico’s currency, a headwind for the USD/MXN pair.
September’s first-half inflation report in Mexico was 4.44%, down from 4.64% in August, according to the National Statistics Agency, INEGI. US Treasury bond yields jumped after September’s Federal Reserve Open Market Committee decision to hold rates unchanged. However, the dot plots above 5% in 2024 confirmed the Federal Reserve’s higher-for-longer mantra.Technical Analysis: Mexican Peso
If interest rates are high that usually pushes up the price of the US Dollar , and since Gold is priced in Dollars, this has the effect of lowering the price of Gold.The Fed funds rate is the overnight rate at which US banks lend to each other. It is the oft-quoted headline rate set by the Federal Reserve at its FOMC meetings. It is set as a range, for example 4.75%-5.00%, though the upper limit is the quoted figure.
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