The Mexican Peso pulls back after its recent run of gains on the back of fears of global trade becoming fragmented.
US Dollar recovers against the Peso after data shows the Fed is likely to kick the can of lowering interest rates further down the road.
USD/MXN stalls in its short-term downtrend, but more downside is still foreseen.
The Mexican Peso (MXN) meets resistance in its upwards climb on Tuesday – and pulls back – possibly due to growing concerns about the fragmentation of international trade that could especially hit export-based emerging-market economies like Mexico.
Against the US Dollar (USD) more specifically, MXN weakens after US data showed heightened US inflation expectations, which are likely to keep interest rates in the US elevated for some time, increasing capital inflows to the Dollar.
USD/MXN is exchanging hands at 16.80, EUR/MXN at 18.12 and GBP/MXN at 21.10, at the time of publication.
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