The Mexican Peso edges up on Monday as the market mood remains positive following US and Chinese data.
The Mexican economy continues to expand despite restrictive monetary policy – a positive for the Peso.
Technically, the USD/MXN is trading along the floor of a sideways range in the short-term.
The Mexican Peso (MXN) trades marginally higher on Monday, supported by a rise in risk appetite after lower-than-expected US jobs’ data raised hopes the Federal Reserve (Fed) will move to cut interest rates, reducing borrowing costs for businesses and consumers.
The positive market mood continued into the Asian session on Monday on the back of Chinese data, further supporting the Peso which appreciates in risk-on environments.
USD/MXN is trading at 16.95, EUR/MXN at 18.24 and GBP/MXN at 21.29, at the time of publication.
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