USD/MXN gains ground on risk aversion ahead of US GDP Annualized. Mexico’s Jobless Rate stood at 2.5% in February, against the expected 2.8%. The higher US Treasury yields contribute support for the US Dollar. However, the Mexican Peso received upward support, which could be attributed to the softer Jobless Rate, consequently, undermining the USD/MXN pair. The unemployment rate in Mexico decreased to 2.5% from 2.7% in the same period a year earlier, surpassing market forecasts of 2.8%.
60, supported by higher yields on US coupon bonds, with the 2-year and 10-year yields standing at 4.62% and 4.21%, respectively, at the time of writing. However, conflicting views among members of the Federal Open Market Committee regarding monetary policy easing are contributing to market uncertainty. Federal Reserve Board Governor Christopher Waller continues to advocate for a cautious approach toward rate cuts, citing persistent inflation data.
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