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Mexican Peso prolongs gains on strong demand, Banxico's decision, and soft US inflation

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The Mexican Peso (MXN) stages a strong comeback versus the US Dollar (USD) after the Bank of Mexico – also known as Banxico – kept rates unchanged, di

could forgo an interest rate hike. In the meantime, BBVA updated Mexico's Gross Domestic Product for 2023 and 2024, with an optimistic 3.2% from 2.4% this year and 2.6% from 1.8% next year.The Bank of Mexico held rates at 11.25% and revised its inflation projections from 3.5% to 3.87% for 2024, above the central bank’s 3% target .

September’s first-half inflation report in Mexico was 4.44%, down from 4.64% in August, according to INEGI. Broad Greenback weakness undermines the USD/MXN pair, as the US Dollar Index drops below 106.00 at around 15:00 GMT.The Mexican Peso found its foot after depreciating to 17.81 versus the US Dollar, near the 200-day Simple Moving Average at 17.84. The USD/MXN is accelerating its downtrend after closing below 17.60, with sellers eyeing a push below the 20-day Simple Moving Average at 17.32. If that level is lost, the USD/MXN pair would test the 100-day SMA at 17.

 

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