The Mexican Peso (MXN) is virtually unchanged against the US Dollar (USD) after a tranche of mixed economic data from the United States (US) and traders paring rate cut bets on the Federal Reserve (Fed), which is keeping the Greenback (USD) bid across the board.
The Mexican Peso extends its losses to three consecutive days against the US Dollar as risk aversion weighs on risk-perceived currencies like the Peso, which tested stir resistance at the 200-day Simple Moving Average (SMA) near 17.37.
The Mexican Peso posts back-to-back days with losses and plummets sharply against the US Dollar (USD), which benefits from risk aversion, and traders pricing in a less dovish Federal Reserve (Fed), according to Chicago Board of Trade (CBOT) data.
The Mexican Peso (MXN) made a U-turn after posting solid gains versus the US Dollar (USD) on Friday, weakening amid thin liquidity conditions in the observance of Martin Luther King (MLK) day in the United States (US).
The Mexican Peso (MXN) climbed during the North American session against the US Dollar (USD) due to investors increasing bets that the US Federal Reserve (Fed) would aggressively ease policy, pricing in more than 170 basis points of cuts.