Mexican peso weakens amid rising USD, eyes on Sheinbaum's inauguration
- Mexican Peso drops as the market mood shifts sour as Iran attacks Israel.
- Traders await President-Elect Claudia Sheinbaum’s inaugural remarks.
- Stronger than expected US JOLTS data and Powell’s comments support a bullish bias in USD/MXN.
The Mexican Peso loses some ground versus the US Dollar on Tuesday as the Mexican Congress begins its General Session ahead of President-Elect Claudia Sheinbaum's swearing-in ceremony. The exotic pair advances following Middle East headlines suggesting an Iranian missile attack on Israel. The USD/MXN trades at 19.70, up 0.15%.
Wall Street reflects a downbeat market mood due to heightened geopolitical risks. This sparked flows toward the Greenback due to its safe-haven status, which was detrimental to the Peso’s emerging market status.
Mexico’s economic docket remains absent, with traders awaiting remarks from President Claudia Sheinbaum as she takes office. Across the north of the border, the US schedule featured the release of the August JOLTS report, which was better than expected and exceeded the July number.
The Institute for Supply Management (ISM) revealed the September Manufacturing PMI, which remained in contractionary territory but was unchanged compared to August.
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.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.