USD/MXN falls to 17.24 as softer US jobs data and Gulf de-escalation weigh on the dollar ahead of key economic reports.
The Mexican Peso rose for a ninth straight session, trading at 17.24 against the US dollar, down 0.10%. The move follows weaker-than-expected US jobs data, which pressured the greenback ahead of Friday’s Nonfarm Payrolls report.
Economists expect Banxico to hold rates at 6.50% at its August 6 meeting, while US services sector activity expanded below forecasts. Inflation data due Friday is projected to show a slight rise in headline inflation to 0.03% MoM, with core inflation easing to 0.22%.
A potential 60-day agreement between Oman and Iran in the Strait of Hormuz may further reduce geopolitical risks, supporting risk assets. The deal includes a temporary ceasefire and mine-clearing operations in the critical shipping lane.