FXStreet (Córdoba) – The Mexican peso is falling modestly against the US dollar after being able to trim losses. USD/MXN rose earlier to 16.342, reaching a new all-time high. Currently trades at 16.27, modestly above the level it closed on Friday.
The pair made a bearish correction on Asian hours and bottomed at 16.21 but then turned to the upside and climbed momentarily above 16.30.
Greenback reached a new high for the fourth consecutive trading day in a row and continues to move with a clear upside bias against the Mexican peso and also versus the rest of the Latin-American currencies.
Mexico data ahead of Fed and Banxico
Today the Mexican statistic agency (INEGI) informed that during June the trade balance registered a deficit of 790 million; the same month in 2014 registered a surplus of 386 million. The next economic event will be the meeting of the central bank on Thursday, but no change in rates is expected.
Before Banxico, the Federal Reserve will announce its decision on Wednesday. Also no change in rates is expected but attention is on the September meeting when it could start the normalization. Mexican central bank authorities will watch closely and they could follow the steps of the Fed.
(Market News Provided by FXstreet)