Mexican peso rises against the US dollar for the first time in a week

FXStreet (Córdoba) – USD/MXN hit a new all-time high at 15.83 but then retreated on the back of the lower-than expected Non-Farm payrolls increase in the US. The pair bottomed at 15.63, a 2-day low and then bounced back toward 15.70.

The Mexican peso is rising for the first time in a week against the US dollar retreating after reaching record highs for two days in a row.

The decline was boosted by a weak US dollar, that lost momentum after jobs numbers in the US failed to increase expectations about a rate hike in September by the Federal Reserve. The central bank could still rise rates in September according to Jon Hilsenrath, despite today’s data.

A rate hike by the Fed, could pushed the central bank of Mexico to do the same, particularly if the decline of the Mexican peso intensifies in the market.

USD/MXN hit a new all-time high at 15.83 but then retreated on the back of the lower-than expected Non-Farm payrolls increase in the US. The pair bottomed at 15.63, a 2-day low and then bounced back toward 15.70.

(Market News Provided by FXstreet)