The Mexican Peso (MXN) fell over 1.20% in its most traded pairs on Monday after a combination of weak Mexican Consumer Confidence data for July, dovish comments from Mexico’s central bank governor and rising geopolitical concerns weighed.
The Mexican Peso steadies after Monday’s depreciation. The Peso suffered after weak Mexican consumer confidence data and central banker comments weighed. US inflation data could cause market volatility if results are unexpected. The Mexican Peso fell over 1.20% in its most traded pairs on Monday after a combination of weak Mexican Consumer Confidence data for July, dovish comments from Mexico’s central bank governor and rising geopolitical concerns weighed.
Comments from the Bank of Mexico Governor, Victoria Rodríguez Ceja, to El Financiero revealed she supported the justification for the bank’s surprise decision to cut interest rates by 0.25% to 10.75% at its August meeting. Rodríguez Ceja acknowledged that despite headline inflation hitting 5.57%, the decision had been based on core prices decreasing to 4.05% in July, its eighteenth straight month of declines.
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