USD/MXN extends its losing streak that commenced on February 29 as the US Dollar (USD) weakens on improved risk appetite as market participants still believe that the Federal Reserve may reduce policy rates in June despite the US inflation data.
USD/MXN could extend its losing streak in hopes of the Fed reducing policy rates in June. CME FedWatch Tool suggests a 66.6% probability of a rate cut in June. Mexico’s Industrial Output YoY and MoM surged by 2.9% and 0.4%, respectively, in January. USD/MXN extends its losing streak that commenced on February 29 as the US Dollar weakens on improved risk appetite as market participants still believe that the Federal Reserve may reduce policy rates in June despite the US inflation data.
9% in January, contrasting with the previous flat reading of 0.0%, and surpassing market expectations of 2.1%. On a month-over-month basis, there was a 0.4% increase as anticipated, swinging from the previous decline of 0.7%. While the annual inflation rate decreased from a seven-month high in January, Core Inflation experienced a higher increase compared to the previous reading. However, Headline Inflation increased less than expected and was lower than the previous rise.
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