Daily digest market movers: Mexican Peso shrugs off risk-off mood and rises
- Comments from US Ambassador Ken Salazar, expressed on August 22, were the reason behind AMLO’s decision. Salazar said that the judiciary reform threatens the rule of law and added that “the direct election of judges represents a major risk to the functioning of Mexico’s democracy. Any judicial reform must have safeguards that guarantee that the judiciary is strengthened and not subject to the corruption of politics.”
- Market sentiment remains mixed, yet it would greatly influence the USD/MXN’s direction, given the US Dollar’s safe-haven status.
- Traders will eye Fed speakers, the release of US Q2’s 2024 GDP, and the Fed’s preferred inflation gauge, the core Personal Consumption Expenditures Price Index (PCE).
- Data from the Chicago Board of Trade (CBOT) suggests the Fed will cut at least 100 basis points (bps), according to the fed funds rate futures contract for December 2024.
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