Mexican Peso recovers after two-day decline, buoyed by weaker-than-expected US CPI report. US CPI miss leads to cooling inflation, boosting prospects for Fed rate cuts. US Treasury yields drop, DXY falls 0.60% to 104.39, weakening Greenback. Minneapolis Fed's Kashkari questions monetary policy restrictiveness amid unexpected consumer spending levels. Consequently, expectations for a Federal Reserve rate cut increased, exerting pressure on the American currency.
This is because US central bank policymakers acknowledged that risks to achieving its dual mandate on employment and inflation “moved toward better balance over the past year.” Technical analysis: Mexican Peso counterattacks as USD/MXN plummets below 16.70 Following worse-than-expected US data, the USD/MXN extended its losses past the 16.70 figure.
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