The Mexican Peso (MXN) trades range bound in its key pairs on Wednesday, continuing the theme of the week so far.
The Mexican Peso is trading sideways ahead of key economic data for Mexico. The latest IMF report maintained its lower GDP growth estimate for the country and suggests data in H2 will be weak. USD/MXN describes a range below the key 20.00 hurdle but remains in a broader uptrend overall. The Mexican Peso trades range bound in its key pairs on Wednesday, continuing the theme of the week so far.
This, in turn, is likely to put downward pressure on the Peso, since lower interest rates attract less foreign capital inflows. Mexican Economic Activity data out on Tuesday may already have given investors a taste of what is to come after falling well below estimates. On a month-over-month basis, activity sank 0.3% in August, down from 0.6% in July and below the estimated decline of 0.1%. On an annual basis, Economic Activity expanded by 0.4%, beneath forecasts of 0.7%, and down from July’s 3.
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