The Mexican Peso rallied sharply to a nine-year high on Friday after the release of a stronger-than-expected jobs report in the United States (US).
Mexican Peso strengthens against US Dollar, with USD/MXN dropping to 16.48 in reaction to upbeat US labor market figures. Despite a robust US jobs report, increased risk appetite drives equity gains, a tailwind for the Mexican currency. Fed officials maintain a cautious stance on rate adjustments, influencing market expectations for future monetary policy direction.
Earlier, Richmond Fed President Thomas Barkin described the NFP report as robust but noted that inflation's reduction has been inconsistent. Technical analysis: Mexican Peso eyes October’s 2015 high The USD/MXN extended its losses toward the 16.40 region, though bears are gathering momentum with the Relative Strength Index moving back below the 35.00 area, opening the door for further gains in the Peso. A breach of 16.43 would expose October’s 2015 low of 16.32, ahead of the 16.00 mark.
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