USD/MXN plunges for the fifth straight day after economic data from the United States (US) could prevent the US Federal Reserve from tightening moneta
ry conditions, as business activity deteriorated, according to S&P Global. Hence, the USD/MXN trades at 16.8260, down 0.48%, after hitting a daily high of 16.9151.US equities are trading in the green on expectations of NVIDIA earnings reports and US S&P Global PMIs for August. The S&P Global Composite PMI compounded by Manufacturing and Services PMIs fell to 50.4 from July 52 and below estimates of 52.
US Treasury bond yields remain depressed along the whole yield curve as the 10-year Treasury Note collapses ten basis points, from 4.321% to 4.22%, weighing on the greenback., a gauge that measures the buck’s value against a basket of peers, drops 0.21% at 103.380. On the Mexican front, the economic agenda would remain empty until Thursday, when the Instituto Nacional de Estadistica Geografia e Informatica will reveal inflation figures for the first half of August, with the Consumer Price Index estimated at 4.67% on YoY, while monthly figures are expected at 0.28%. Core CPI is projected to slow down but remain stickier than expected.
Given the backdrop, USD/MXN remains bearishly biased and ready to test the yearly lows. However, the Jackson Hole speech by Fed Chair is expected to rock the boat. Investors estimate the Fed would stick to its higher-for-longer commitment and talk down the chances of interest rate cuts.From a technical standpoint, the USD/MXN is downward biased, set to re-test the year-to-date low of 16.6238, which, once cleared, the pair would continue towards the October 2015 low of 16.3267. Conversely, if USD/MXN edges back toward the confluence of the 20/50-day Moving Average at 17.0000, that could pave the way for further upside.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
USD/MXN: Break above 17.42 essential to affirm an extended bounceUSD/MXN rebound has faltered near recent pivot high of 17.42. Economists at Société Générale analyze the pair’s technical outlook. A pullback can be e
Leer más »
USD/MXN drops below 17.0000 on mixed market sentiment, falling US yieldsThe Mexican Peso (MXN) registered solid gains on Tuesday, as the USD/MXN pair plummeted below the 17.0000 figure amidst the lack of a catalyst, even t
Leer más »
Local parishes fundraise to get Ukrainian family to the United StatesFour local parishes fundraised to ket a Ukrainian family to the United States, renovating a home next to Our Lady of Peace in Shaker Square for them
Leer más »
Yelp ranks Phoenix sushi restaurant as the third best in the United StatesAccording to Yelp reviewers, a Phoenix sushi restaurant is the third best place to get sushi in the United States.
Leer más »
United States Existing Home Sales MoMGet the Existing Home Sales (MoM) results in real time as they're announced and see the immediate global market impact.
Leer más »