Mexican Peso slumps amid risk-aversion; Banxico remains firm on inflation stance
The post Mexican Peso slumps amid risk-aversion; Banxico remains firm on inflation stance appeared on BitcoinEthereumNews.com. Mexican Peso exchange rate with the US Dollar registers 1.29% gains as USD/MXN bulls reclaim 18.00. Escalating tensions in the Israel-Hamas conflict and rising US Treasury bond yields contribute to the Peso’s decline. The Federal Reserve’s Beige Book indicates a stable US economic outlook, though potential for softer expansion is noted. Banxico’s Deputy Governor Mejia: Inflation would hit the central bank’s target in 2025, with the current policy stance. Mexican Peso (MXN) finished Wednesday’s session with more than 1.20% losses against the US Dollar (USD), as market sentiment shifted sour on escalation threats in the Israel-Hamas conflict. Consequently, Treasury bond yields in the United States (US) rose, lifting yesterday’s battered US Dollar, as he USD/MXN trades at 18.22 after bouncing from daily lows of 17.96. US President Joe Biden’s visit to Israel aimed to ease tensions so far has failed. An explosion at a Gaza hospital blamed on Israel augmented Iran’s rhetoric towards the latter as the country discusses imposing an Oil embargo on Israel. Aside from this, the Federal Reserve’s Beige Book updated the economic outlook in the US as stable, though it may suffer a softer expansion, according to its latest survey of regional business bank contacts. Bank of Mexico (Banxico) Deputy Governor Omar Mejia has stated that the balance of inflation risks has not deteriorated. He emphasized that the current restrictive monetary policy effectively controls inflation and expects it to reach Banxico’s target by the second quarter of 2025. This suggests Banxico remains committed to its tightening stance to address inflation concerns. Daily Digest Market Movers: Mexican Peso sways with market sentiment; USD/MXN reaches 7-day peak US Building Permits plummeted -4.4% in September, compared to last month’s 6.8% increase. Housing Starts for the same period previously mentioned rose by 7%, exceeding August’s -12.5% plunge. Mexico’s GDP in…
The post Mexican Peso slumps amid risk-aversion; Banxico remains firm on inflation stance appeared on BitcoinEthereumNews.com.
Mexican Peso exchange rate with the US Dollar registers 1.29% gains as USD/MXN bulls reclaim 18.00. Escalating tensions in the Israel-Hamas conflict and rising US Treasury bond yields contribute to the Peso’s decline. The Federal Reserve’s Beige Book indicates a stable US economic outlook, though potential for softer expansion is noted. Banxico’s Deputy Governor Mejia: Inflation would hit the central bank’s target in 2025, with the current policy stance. Mexican Peso (MXN) finished Wednesday’s session with more than 1.20% losses against the US Dollar (USD), as market sentiment shifted sour on escalation threats in the Israel-Hamas conflict. Consequently, Treasury bond yields in the United States (US) rose, lifting yesterday’s battered US Dollar, as he USD/MXN trades at 18.22 after bouncing from daily lows of 17.96. US President Joe Biden’s visit to Israel aimed to ease tensions so far has failed. An explosion at a Gaza hospital blamed on Israel augmented Iran’s rhetoric towards the latter as the country discusses imposing an Oil embargo on Israel. Aside from this, the Federal Reserve’s Beige Book updated the economic outlook in the US as stable, though it may suffer a softer expansion, according to its latest survey of regional business bank contacts. Bank of Mexico (Banxico) Deputy Governor Omar Mejia has stated that the balance of inflation risks has not deteriorated. He emphasized that the current restrictive monetary policy effectively controls inflation and expects it to reach Banxico’s target by the second quarter of 2025. This suggests Banxico remains committed to its tightening stance to address inflation concerns. Daily Digest Market Movers: Mexican Peso sways with market sentiment; USD/MXN reaches 7-day peak US Building Permits plummeted -4.4% in September, compared to last month’s 6.8% increase. Housing Starts for the same period previously mentioned rose by 7%, exceeding August’s -12.5% plunge. Mexico’s GDP in…
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