The Mexican peso fell today as positive macroeconomic data from the United States suggested that the Federal Reserve will be able to proceed with its reduction of stimulus program, hurting investors’ confidence and desire to invest in risky assets.
US initial jobless claims fell a little last week and the manufacturing index rose strongly this month, suggesting that the economy of the United States is in a good shape. It is possible that the positive data will make the Fed scale back its asset purchase program faster. As a result, traders are less willing to risk because the era of cheap money is coming to an end.
USD/MXN rose from 13.2726 to 13.2842 as of 1:02 GMT today climbing as high as 13.3145 intraday.
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