The Mexican Peso remained unchanged against the US Dollar during the North American session on Thursday after the Federal Reserve (Fed) lowered interest rates for the first time in four years.
Mexican Peso holds firm despite Fed's 50 bps rate cut. Fed projects federal funds rate at 4.4% for 2024, balancing price stability and employment goals. Investors await Banxico 's upcoming decision with a 0.25% rate cut expected on September 26. The Mexican Peso remained unchanged against the US Dollar during the North American session on Thursday after the Federal Reserve lowered interest rates for the first time in four years.
December 2024 fed funds rate futures contracting suggests that the Fed might lower rates by at least 69 basis points, implying that in the following two meetings, the market expects one 50 bps and one 25 bps rate cut left in 2024. USD/MXN technical outlook: Mexican Peso falls as USD/MXN holds gains above 19.30 The USD/MXN uptrend remains in place, though the pair has failed to rally following the Fed’s decision. Next week, Banxico’s policy meeting could push the exchange rate out of the 19.
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