MXN falls as Mexico posts December inflation data

January 10, 2024 12:02 AM AEDT | By Invezz

MXN falls as Mexico posts December inflation data — Image source: Invezz

MXN slips against USD, EUR

Ahead of the announcing of the inflation figures, the Mexican peso (MXN) had grim news of its own, losing ground to both the euro and the dollar on January 9^th.

At the time of this article going to press, the EUR/MXN was trading at around 18,43, its lowest level in over three months, since October 1^st.

USD/MXN at its lowest in almost six months

The MXN has also underperformed against the USD, with the peso losing significant ground to the dollar in the wake of bullish figures (especially surprisingly high nonfarm payrolls data) out of the States.

As a result, the USD/MXN has hovered at around the 16.82 mark, its lowest level since August 2023.

What next for Mexico and the MXN?

Mexico’s central bank is expected to post its next interest rate decision on February 8^th. The country’s interest rate has been at its highest level ever, 11.25 percent, since March 2023.

However, while rumoured rate cuts in 2024 for the United States and Eurozone are prompting hope of lower interest rates worldwide, Mexico may have another 2024 ahead of them, if inflation continues to rise.

The post MXN falls as Mexico posts December inflation data appeared first on Invezz

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