Mexican Peso remains weak as traders await a crucial US inflation report.
Mexico's trade balance, unemployment and manufacturing PMI to spotlight economic trends amid high Banxico rates.
Banxico meeting minutes fuel speculation of a March rate cut, influencing the Peso's trajectory.
The Mexican Peso (MXN) extended its losses against the US Dollar on Monday but stayed near familiar levels, with market participants awaiting a busy weekly economic schedule in the United States. Traders are eyeing the release of the Personal Consumption Expenditures (PCE) report, the Federal Reserve’s (Fed) preferred inflation gauge, along with Q4 2023 Gross Domestic Product (GDP) figures on its second estimate. The USD/MXN trades at 17.12, up 0.14%.
Mexico’s economic docket on Monday is absent, though it gathers pace on Tuesday with the release of the Balance of Trade expected to print a deficit in January. On Thursday, the National Statistics Agency (INEGI) will reveal the Unemployment Rate for January, estimated to increase compared to December’s data, followed by Friday’s Business Confidence and S&P Global Manufacturing PMI.
The economic data in Mexico is expected to show an economic slowdown due to higher interest rates set by the Bank of Mexico (Banxico) at 11.25%. That, along with the latest report of the Consumer Price Index (CPI) dipping sharply for the first half of February, justifies the posture of three members of Banxico. The latest meeting minutes suggested that three policymakers are eyeing the first rate cut at the March meeting, which could put pressure on the Mexican Peso, opening the door for further upside on the USD/MXN exchange rate.
Across the border, housing data was positive, while the Dallas Fed Manufacturing Index in February improved slightly compared to January’s
figures.
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