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Mexican Peso gained 0.90% earlier on Friday but erased gains amid a weaker US Dollar. US Dollar Index hit a two-month high before retreating to 103.48, down 0.23% on Friday. China’s stimulus measures provided brief support to the Peso. The Mexican Peso remained firm against the US Dollar on Friday yet erased earlier gains, which saw the emerging market currency appreciate over 0.90%. US economic data revealed during the week justified the Federal Reserve’s (Fed) gradual approach to easing policy, bolstering the Greenback and weighing on the Peso. The USD/MXN trades at 19.85, up by 0.20%. Wall Street trades with gains, underpinned by a robust US Retail Sales and unemployment claims report on Thursday. The data underpinned the Greenback, which hit a two-month high against a basket of six currencies known as the US Dollar Index (DXY). The DXY reached 103.87 before retreating toward 103.48 as of writing. Meanwhile, the US economic docket featured Building Permits and Housing Starts for September, with both figures deteriorating compared to August data. Earlier, the Mexican Peso advanced on China’s news that the People Bank of China (PBoC) would provide further stimulus to the economy, aimed at relieving the troubled property market and boosting domestic consumption. Before that announcement, China revealed that its economy grew at a 4.6% pace annually compared to Q3 2023. Despite that, the Fed is heavily expected to lower interest rates by 25 basis points at the November meeting. Odds remained at 92.9%, according to CME FedWatch Tool data. Daily digest market movers: Mexican Peso tumbles as USD/MXN surges past 19.90 Earlier during the week, the Mexican Peso touched a five-week low as the USD/MXN hit a high of 20.02 The International Monetary Fund (IMF) projected the Mexican economy to grow 1.5% in 2024, lower than in its previous forecast.…

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Filed under: News - @ October 19, 2024 5:28 pm