USD/MXN plummets to seven-year low as Mexican Peso eyes the 17.0000 barrier USDMXN Currencies EmergingMarkets Mexico
, and central bank speaking. At the time of writing, the USD/MXN is trading at 17.4424, down by 0.80%.The week’s highlight is Banxico’s monetary policy decision, where the central bank is expected to keep rates unchanged at 11.25%. However, a few analysts are looking for a 25 bps rate hike to 11.
Therefore, the USD/MXN’s reaction on Monday could be traders positioning ahead of the Bank of Mexico’s decision. Meanwhile, the US economic calendar revealed the New York Empire State Manufacturing Index disappointed investors, slumping to -31.3 vs. the -3.9 estimated. The report revealed that nearly 50% of respondents to the survey said business conditions worsened, with the orders index sipping, while a gauge of prices showed an increase, and the employment component shrank.Jerome PowellMeanwhile, discussions about raising the US debt ceiling in the United States continued to grab the headlines.
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