USD/MXN struggles to retrace the recent losses, trading around 17.9410 during the Asian trading session on Thursday. The pair has almost trimmed the i
USD/MXN has retraced the intraday gains due to a decline in US Bond yields. Banxico is expected to maintain its current interest rate level, following the economic resilience and the robust labor market. The pullback in US Dollar could be attributed to weaker employment data on Wednesday. ntraday gains amid the correction in the US Dollar , following the downbeat US employment data on Wednesday. US ISM Services PMI declined from 54.5 to 53.6 in September, in line with expectations.
On the Mexican side, the upgraded economic forecasts from the International Monetary Fund reflect the strength in various sectors of Mexico's economy, including consumption, services, and automotive production. The revised growth projections, particularly the increase from 2.6% to 3.2% for 2023, indicate optimism about Mexico's economic performance. Bank of Mexico’s decision to maintain the benchmark interest rate at 11.25% suggests a commitment to its current monetary policy stance.
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