- The Mexican Peso (MXN) hit a remarkable 15-week high against the US Dollar (USD) on Friday as the markets took one last chance to sell off the struggling Greenback before the extended holiday weekend.
- Mexico’s unadjusted Trade Balance in November came in better than expected, reaching a nine-month high of 630 million in US Dollar terms, providing a positive end to the year.
- As the markets head into the holiday break, Friday saw the last trading day before the extended weekend, marking a period of uncertainty for many traders.
The Mexican Peso (MXN) rallied to a fresh 15-week high on Friday as the broader market took one last opportunity to sell off the US Dollar (USD) heading into the extended holiday weekend.Â
Mexico’s unadjusted Trade Balance in November beat market expectations and improved to a nine-month high of 630 million in US Dollar terms. However, market impact is likely limited after the seasonally adjusted Trade Balance grew by a scant 300K.
US data drove the market on Friday, with mixed figures pulling Greenback bids in both directions, but the US Dollar heads into the holiday break notably in the red across the board, falling back against the majority of the major currency bloc.
Daily digest market movers: Mexican Peso propped up by Greenback weakness
- MXN hit a 15-week high of 16.94 against the USD on Friday as markets sell the US Dollar off one last time before the holiday break.
- Mexico’s November Trade Balance grew by USD 630 million versus the market forecast of USD 404 million, rebounding from October’s USD 252 million deficit.
- November’s seasonally adjusted Mexico Trade Balance showed scant growth of USD 300K versus the previous month’s growth of USD 242 million, implying seasonal factors are boosting Mexico Trade Balance and are unlikely to last.
- US Dollar weakness is the general market theme on Friday.
- The US Annualized Core Personal Consumption Expenditures (PCE) Price Index in November grew by 3.2% from the same time last year, easing back from market forecasts of 3.3% and declining further from the previous period’s 3.4% (which was also revised down from 3.5%).
- Durable Goods Orders in November lurched higher to grow 5.4%, well over the market forecast of 2.2% and clawing back October’s -5.1% (also revised upwards from -5.4%).
- Easing US inflation figures are keeping market hopes pinned for faster and sooner rate cuts from the Federal Reserve (Fed).
- Mexico’s Jobless Rate figures are due next Thursday after the holiday break.
US Dollar price today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the weakest against the Pound Sterling.
The heat map shows percentage changes of major currencies against each other.
