The Mexican Peso begins the week on a lower note versus the US Dollar, tumbling 0.57% after strong economic data from the United States (US) that could prevent the Federal Reserve (Fed) from cutting borrowing costs. That and a softer manufacturing activity report in Mexico kept the Greenback bid against the emerging market currency. The USD/MXN trades at 16.65, up 0.62%.
Mexico’s S&P Global Manufacturing PMI came at 52.2, virtually unchanged from 52.3 in February. Pollyanna de Lima, economic associate director at S&P Global, said, “Mexico's manufacturing sector expanded further in March, underpinned by a solid rise in domestic new orders as pending contracts continued to get the green light. This buoyant client appetite had positive impacts on factory production, buying levels and employment.”
Across the border, the Institute for Supply Management (ISM) revealed that manufacturing activity expanded for the first time in the US since September 2022, while an index of prices paid surprisingly jumped to levels last seen in August 2022.
The data sent US Treasury yields skyrocketing, while the US Dollar Index (DXY) soars above 105.00 and gains 0.49%. Upbeat data weighs on the Mexican currency, which has been appreciating by the wide interest rate differential between Mexico and the US.
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