USD/MXN: Peso to weaken moderately from Q4 – MUFG USDMXN Mexico Fed CarryTrade Banks
In Q3 23, we expect the MXN to remain supported by high carry-trade return and the continuity of nearshoring investments. Assuming that the Fed signals no further rate hikes either at the Jackson Hole symposium in late August or at the September FOMC meeting, we expect the US Dollar to weaken further and keep USD/MXN at lower levels.
A slowdown in the US especially might curtail USD inflows into Mexico. And on the local side, investors might gradually shift their attention to the presidential election scheduled to June 2024, which might bring some concerns on the next steps of economic policies. Feed news If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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