The Mexican Peso (MXN) trades marginally higher in its key pairs on Thursday as market sentiment improves heading into the European session, benefiting the risk-on MXN.
The Mexican Peso trades mildly higher as risk appetite improves on Thursday. Disappointing Nvidia earnings had weighed on equity markets during the Asian session, but they are recovering. Mexico’s high interest rates still attract carry-trade inflows, despite the Peso weakening. The Mexican Peso trades marginally higher in its key pairs on Thursday as market sentiment improves heading into the European session, benefiting the risk-on MXN.
That said, the Banxico is also expected to cut interest rates, though according to advisory service Capital Economics, not as steeply as the Fed . Overall, the differential continues to favor foreign capital inflows into the Peso, although the Peso’s recent weakness has reduced the popularity of the MXN carry trade. Technical Analysis: USD/MXN USD/MXN is pulling back as it moves higher within a rising channel.
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