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9 Jan 2024

USD/MXN floats around 16.84, struggles to halt a losing streak amid improved US Dollar

  • USD/MXN attempts to hold a four-day losing streak on the improved US Dollar.
  • The Dovish remarks from the Fed’s Bostic contributed to downward pressure on the US Dollar.
  • Mexico’s Consumer Confidence improves to 47.2 from the previous reading of 46.9.

USD/MXN grapples to snap its losing streak that began on January 3, hovering near 16.84 during the European trading hours on Tuesday. The USD/MXN pair faced downward pressure following remarks from Atlanta Fed President Raphael W. Bostic.

President Bostic's commentary on the decline in inflation, coupled with his expectation of two quarter-point cuts by the end of 2024, contributed to a negative sentiment surrounding the US Dollar (USD) against the Mexican Peso (MXN). Additionally, his mention of the US being on the path to achieving 2% inflation and the goal to remain on that path suggests a cautious approach to monetary policy.

Moreover, US Fed Governor Michelle W. Bowman mentioned the possibility that inflation could fall further with the policy rate held steady indicating a watchful stance. Bowman's observation that the current policy stance appears sufficiently restrictive aligns with a sentiment that central banks are carefully evaluating the appropriate balance between supporting economic growth and managing inflationary pressures.

Governor Bowman’s view emphasizes the need for patience and a data-dependent approach. The acknowledgment that it might eventually become appropriate to lower the Fed's policy rate if inflation falls closer to the 2% target suggests a potential willingness to adjust policy settings in response to changing economic conditions.

The US Dollar Index (DXY) retraces its recent losses registered on Monday, trading near 102.40. The improved US Treasury yields provide support to underpinning the US Dollar with the 2-year and 10-year yields on US Treasury bonds standing at 4.38% and 4.04%, respectively, by the press time.

The latest data from the National Institute of Statistics and Geography of Mexico (INEGI) provides insights into consumer sentiment in the country. The improvement in Consumer Confidence for December, improving to 47.2 from the previous reading of 46.9, suggests a positive shift in the perception of economic conditions among Mexican consumers.

However, the seasonally adjusted Consumer Confidence slightly reduced to 46.8 from the previous reading of 47.3. This adjustment considers seasonal variations that could impact consumer sentiment. Tuesday's release of Headline Inflation data will be closely watched by traders as it can offer additional impetus for price movements in Mexico.

 

Jan 9, 2024

Japan: Further disinflation is not exactly positive for the Yen – Commerzbank

Inflation figures from Tokyo continue to indicate easing inflationary pressure.
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Jan 9, 2024

Italy Unemployment below forecasts (7.9%) in November: Actual (7.5%)

Italy Unemployment below forecasts (7.9%) in November: Actual (7.5%)
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