Upcoming Mexico data: Auto Exports (Tuesday), Inflation, Banxico decision (Thursday).
The Mexican Peso trims some of its earlier losses held during the Asian session on Monday, with the emerging market currency depreciating almost 6% to a yearly low of 20.22. The USD/MXN is trading back below the 20.00 figure, but still the Peso is down over 1%, exchanging hands at 19.32.
Market sentiment remains sour across the globe, triggering a flight to safe-haven assets like the Japanese Yen and the Swiss Franc in the FX space. Against emerging market currencies, flows outside the latter bolstered the Greenback, which posted substantial gains against the Mexican Peso.
Meanwhile, Wall Street’s post losses between 2% to 3% among its largest indices indicate stress in the financial markets. Hence, USD/MXN traders must be aware of the market mood, which could spark volatility in the exotic pair.
Mexico’s economic docket will be light at the beginning of the week but gains traction on Tuesday and Thursday. Auto Exports for July will be issued on Tuesday, followed by inflation data and the Bank of Mexico (Banxico) monetary policy decision on Thursday.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
Hot
No comment on record. Start new comment.