Mexican Peso weakens 0.51% against the US Dollar with USD/MXN trading at 19.33 as Mexico’s Consumer Confidence falls.
Fears over China’s economic slowdown weigh on emerging market currencies, boosting the Greenback.
Former US President Donald Trump hints at 200% tariffs on Mexican vehicle imports, adding to market concerns.
The Mexican Peso depreciated against the Greenback during the beginning of the week and edged down over 0.51%. Weaker-than-expected data from Mexico, alongside fears of China’s economic slowdown, weighed on most emerging market currencies and propelled the US Dollar higher. The USD/MXN trades at 19.33, up by 0.44%.
The Instituto Nacional de Estadistica Geografia e Informatica (INEGI) revealed that Mexico’s Consumer Confidence in September worsened and edged lower compared to August’s data, which was the highest since February 2019.
In the meantime, China’s Finance Minister Lan Foan revealed that the government would continue to provide stimulus, support the property market, and replenish state bank capitals in efforts to boost the economy.
China faces intense deflationary pressures spurred by a sharp property market slowdown and deteriorating consumer confidence.
Former President Donald Trump suggested imposing tariffs of over 200% on vehicles imported from Mexico, he said in a Fox interview on Sunday.
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