MEXICAN PESO GAINS GROUND AGAINST US DOLLAR AMID MIXED US DATA
Mexican Peso strengthens against US Dollar, buoyed by positive market mood, mixed economic reports.
US inflation remains hot as core PCE Price Index increases above March expectations.
Mexico shows a deficit, yet Unemployment Rate drops, presenting mixed economic scenario.
The Mexican Peso counterattacks registered solid gains versus the US Dollar on Friday as economic data from the United States (US) showed that inflation edged slightly up, while Mexico’s Trade Balance registered a trade deficit in March. The USD/MXN trades at 17.13, down 0.42%.
The US Department of Commerce revealed that the Federal Reserve's (Fed) preferred gauge for inflation, the core Personal Consumption Expenditure Price Index (PCE), increased above expectations in March. However, annual readings exceeded estimates but were unchanged compared to February.
The National Statistics Agency (INEGI) revealed that Mexico printed a deficit in March when adjusted for seasonal adjustments. At the same time INEGI revealed the Unemployment Rate for the same period was lower than the consensus.
Market mood is another reason the Mexican currency is underpinned as major Wall Street indices clock gains between 1.1% and 2.2%.
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