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Feb 1, 2024
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Mexican Peso rises after mixed US data, Fed’s decision

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Mexican Peso appreciates against the Dollar, driven by the recent Fed decision and softer US employment figures. Banxico’s survey indicates expectations of a rate cut to 9.25% and a year-end exchange rate forecast of src8.50, influencing market sentiment. Mexico’s manufacturing sector shows expansion with a slowdown, contrasting with US data that points to a cooling

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Mexican Peso appreciates against the Dollar, driven by the recent Fed decision and softer US employment figures.
Banxico’s survey indicates expectations of a rate cut to 9.25% and a year-end exchange rate forecast of src8.50, influencing market sentiment.
Mexico’s manufacturing sector shows expansion with a slowdown, contrasting with US data that points to a cooling labor market but increasing manufacturing activity.

The Mexican Peso (MXN) climbed against the US Dollar (USD) on Thursday as market participants digested the latest Federal Reserve (Fed) decision. Alongside that, softer employment figures in the United States (US) and a risk-on impulse favor the emerging market currency. The USD/MXN trades at src7.09, down by 0.64%.

The Bank of Mexico (Banxico) revealed its survey of expectations on Thursday, showing that analysts estimate the bank will lower rates to 9.25% and expect the exchange rate to end at src8.50. In regard to inflation expectations, private analysts estimate it to hit 4.src7% and economic growth to range from 2.29% to 2.40%.

Meanwhile, Mexico’s economic docket featuring that business activity in the manufacturing sector expanded, but it’s slowing down. In the meantime, US economic data showed the labor market is cooling while manufacturing activity gathers steam.

Daily digest market movers: Mexican Peso appreciates as US Dollar weakens on mixed US data

S&P Global revealed that manufacturing activity in Mexico is slowing sharply, with the PMI dipping from 52.0 in December to 50.2.
US Initial Jobless Claims for the last week rose 224K, exceeding the previous reading of 2src5K and forecasts of 2src5K. The data suggests the labor market is cooling amid a period in which US companies announced plans to cut over 82,300 jobs in the last month.
The S&P Global Manufacturing PMI improved from 47.9 to 50.7 in January. The Institute for Supply Management’s (ISM) Manufacturing PMI improved from 47.src to 49.src, exceeding forecasts of 47.
USD/MXN traders continued to digest the latest Federal Reserve decision to hold rates unchanged as widely expected and adopted a neutral stance. Even though officials had opened the door to c

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