US Nonfarm Payrolls exceed expectations, but revisions and higher Unemployment Rate fuel speculation of June Fed rate cut.
The Mexican Peso appreciated for the seventh straight day on Friday against the US Dollar following a mixed jobs report from the United States that increased speculation that the US Federal Reserve (Fed) would cut interest rates in June. The data helped the Greenback tumble to refresh seven-week lows, a tailwind for the emerging market currency that is set to finish the week with gains of more than 0.20%. The USD/MXN trades at 16.78, down 0.52%.
Mexico’s economic docket is empty on Friday, but data revealed during the week could influence the Bank of Mexico (Banxico) decision on March 21. Gross Fixed Investment remained flat on monthly figures but contracted for the 12 months to December, while Consumer Confidence was unchanged. However, Thursday’s inflation data was the main spotlight, with the Consumer Price Index (CPI) lower than expected on monthly and annual figures, while core CPI was mixed.
On the other side of the border, the US Bureau of Labor Statistics (BLS) revealed a mixed US Nonfarm Payrolls (NFP) report. Although the US economy added more jobs than expected, the BLS downwardly revised January’s figures, while the Unemployment Rate jumped close to the 4% threshold.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
Hot
No comment on record. Start new comment.