Market mood has deteriorated, as shown by Wall Street, retracing its earlier gains. The Bureau of Labor Statistics (BLS) revealed the Initial Jobless Claims for the week ending on March 4 were 211K higher than expected at 195K. Although claims rose, the ADP Employment Change data, and job openings, continued to portray a tight labor market, justifying the Federal Reserve’s Chair Jerome Powell’s hawkishness at his appearance before the US Congress.
The US Dollar Index (DXY) is losing 0.38%, down at 105.250, putting a lid on the USD/MXN recovery towards the weekly highs at around 18.1788.
On the Mexican front, inflation slumped in the headline and core readings. The Consumer Price Index for February came at 7.62% YoY, below estimates of 7.68% and the previous month’s readings of 7.91%. Core CPI rose by 8.29% YoY, above the consensus but beneath January’s 8.45%.
“Today’s (inflation) print reduces the odds that (the Mexican central bank) chooses to go ahead with a 50 bps hike, though incoming data as well as the outlook for the Fed remain key influences on the bank’s decision,” Scotiabank economists said in a note.
Following the Mexican inflation release, the USD/MXN climbed above the $18.00 figure, extending its gains ahead of a busy US economic calendar. Nevertheless, the bias is downwards, but it could shift to neutral if buyers reclaim 18.3000.
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