Weaker-than-expected US payrolls and intervention speculation push USD/MXN to 17.48, down 0.43% on the day.
The Mexican Peso strengthened against the US Dollar after June Nonfarm Payrolls missed forecasts, rising just 57K versus the expected 129K. Downward revisions to prior months trimmed 74K jobs, while the Unemployment Rate dipped to 4.22% on lower labor force participation.
The US Dollar Index fell 0.55% to 100.85, extending losses as traders digested the soft jobs data. Speculation of Japanese FX intervention further pressured the Greenback, amplifying the USD/MXN decline.
Separately, Mexico’s Economy Minister confirmed the US will not extend the USMCA trade deal, opting for annual reviews over the next decade. The agreement underpins nearly a third of global GDP.