USD/MXN falls below key technical levels amidst US growth slowdown, Mexican record exports – by christianborjon USDMXN Currencies EmergingMarkets
r the Commerce Department. That, alongside a tranche of US economic data, softened the greenback. At the time of writing, the USD/MXN is trading at 18.0548, down 0.50%.The Mexican Peso regained its strength, underpinned by lower-than-estimated growth in the US. The US Department of Commerce revealed the GDP Advance for Q1 2023 rose by 1.1% QoQ, below estimates of 2%. In the same report, quarterly core inflation aimed towards 5%, at 4.
The CME FedWatch Tool predicts there’s a chance of 87.1% for a 25 bps at the May meeting by the Fed. That paints a possible scenario of stagflation: the US economy decelerates while inflation continues to be sticky above the Fed’s target twice and a half.were lower than estimated, snapping three consecutive reports that flashed signs that the labor market was easing.
Aside from this, Mexico’s exports reached a record $53.6 billion, with the country printing a surplus, due to the arrival of investments and factories across the US border.After hitting a weekly high of 18.1968, the USD/MXN tumbled below the 20-day EMA at 18.1106 and accelerated towards 18.0500. An upslope trendline drawn from March lows that passes around the 18.0450-18.0500 area capped the USD/MXN fall.
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