Mexican Peso hit an eight-day high of 17.99 before losing traction.
Light economic week in Mexico; upcoming data includes May CPI, Consumer Confidence, and Banxico meeting minutes.
US Nonfarm Payrolls exceed expectations; revisions to prior months fuel predictions of Fed easing.
The Mexican Peso was virtually flat against the US Dollar on Friday after seesawing within the 17.99 – 18.19 range. Mixed US jobs data sparked speculation that the Federal Reserve (Fed) could cut interest rates in September, sending the emerging market currency soaring before the USD/MXN trimmed its losses and traded at 18.08, posting minimal gains of 0.02%.
Wall Street trades mixed, while the Greenback stages a slim recovery against the Mexican currency. Mexico’s economic docket is empty, with traders eyeing the release of the Consumer Price Index (CPI) for May next week, along with Consumer Confidence and the Bank of Mexico’s (Banxico) last monetary policy meeting minutes.
The US Nonfarm Payrolls report for June beat estimates, though downward revisions to April and May’s figures prompted traders to increase their bets that the Fed will begin its easing cycle in September.
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