#USDMXN @ 18.1403 Mexican Peso (MXN) remains boosted by strong labor market data, as Mexico’s Unemployment Rate dips to 2.9% from August’s 3%.
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- Mexican Peso (MXN) remains boosted by strong labor market data, as Mexico’s Unemployment Rate dips to 2.9% from August’s 3%.
Mexican Peso (MXN) rallies sharply against the US Dollar (USD), erasing Wednesday’s losses after economic data from Mexico showed the labor market remains hot, portraying a resilient economy. Across the border, the United States (US) economy reported its fastest GDP growth rate in almost two years during the third quarter, a bad sign for inflation, which could justify the US Federal Reserve (Fed) need for further tightening. The USD/MXN is trading at 18.14, down 0.99% daily.
Mexico revealed the Unemployment Rate for September dipped compared to August’s 3% figure, and data was aligned with estimates of 2.9%, informed the National Statistics Agency, INEGI. Aside from economic data, the Bank of Mexico (Banxico) Deputy Governor Jonathan Heath said the desynchronization between monetary and fiscal policy due to the government’s increasing debt in 2024 will add “noise” to the inflationary fight.
On the US front, Q3 GDP grew above expectations, while Durable Goods Orders for September more than tripled forecasts. On the other hand, Initial Jobless Claims rose above estimates, suggesting the labor market is easing.
The USD/MXN upward bias remains intact, though Thursday’s price action led to a daily high of 18.42 but the pair failed to break last week’s high at 18.46, exacerbating the ongoing pullback to current exchange rates. If sellers want to re-test the psychological 18.00 figure, they must reclaim the 20-day Simple Moving Average (SMA) at 18.06. On the other hand, if the pair finds support at around 18.20, that could keep buyers hopeful of challenging October’s high 18.48, ahead of 18.50.
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