The post Mexican Peso traders look to busy week for the currency’s main peers appeared on BitcoinEthereumNews.com.

The Mexican Peso modulates between weak gains and losses on Monday.  The week ahead promises to be busy for traders of the Peso’s key counterparts, given scheduled events and data. USD/MXN extends its steady climb within a rising channel.  The Mexican Peso (MXN) seesaws between tepid gains and losses on Monday after falling an average of 1.5% in its major pairs last week. The Bank of Mexico’s (Banxico) decision to cut interest rates by 25 basis points (0.25%) at its September meeting on Thursday, bringing the official cash rate down to 10.50%, as well as a downward revision to its forecasts for the economy, contributed to the Peso’s devaluation across the board.  Data showing a widening trade deficit added to the negativity surrounding the Mexican Peso after official figures showed it widened to $4.868 billion in August from $1.278 billion a year ago. These figures significantly exceeded market expectations of a $0.500 billion gap and reached a new two-year high.  The proximity of the United States (US) election and prospects of former President Donald Trump winning and then imposing an “America First” agenda, with negative implications for trade with Mexico, further add to the concerns regarding Mexico’s persistent trade deficit, which amounts to $10.438 billion for the first eight months of 2024. Mexican Peso traders prepare for data-heavy week The Mexican Peso oscillates between mild gains and losses on Monday ahead of a busy week of macroeconomic data releases and key events for its major peers – the US Dollar (USD), Euro (EUR) and Pound Sterling (GBP).  On Monday, speeches by European Central Bank (ECB) President Christine Lagarde and Chairman of the Federal Reserve (Fed) Jerome Powell could impact the EUR and USD, respectively. Recent weak data from the Eurozone, in particular, is leading to speculation in markets that the…

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Filed under: News - @ September 30, 2024 9:25 am