- Mexican Peso tumbles as USD/MXN rallies above 20.00 following mixed US jobs data, hitting a daily high of 20.09 before retreating.
- Fed rate cut expectations remain uncertain, fluctuating between 50 and 25 bps, adding pressure on the Mexican Peso.
- Political instability in Mexico, driven by controversial judicial reforms, keeps traders risk-averse toward the Peso.
The Mexican Peso depreciated against the American currency on Friday after the US Nonfarm Payrolls (NFP) report spurred volatility in the bond market. Fed interest rate probabilities fluctuated between a 50 or 25-basis-point cut. This and Mexico’s political uncertainty around controversial reforms keep the Peso pressured. The USD/MXN trades at 20.00, gaining 0.73%.
The US Bureau of Labor Statistics (BLS) revealed that the US economy created fewer jobs than expected but improved compared to July figures. The same report showed that the Unemployment Rate, which ticked two-tenths higher in July, dipped in August, relieving the Federal Reserve (Fed) from lowering borrowing costs in an “aggressive” way.
After the data, the USD/MXN rallied above 20.00 and hit a daily peak of 20.09 but retreated as US yields retreated and undermined the Greenback.
As of writing, the US Dollar Index (DXY), which tracks the buck’s performance against another six currencies, has recovered and climbed 0.23%, up at 101.29, after hitting a low of 100.58.
Meanwhile in Mexico, the docket featured the release of the Citibanamex Expectations survey, Bank of Mexico Deputy Governor Jonathan Heath's speech and Auto industry data. Politics will likely continue to drive USD/MXN price action for the remainder of September.
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