Mexican Peso hits 25-month peak vs dollar, nears 17.00
The Mexican Peso rose to its strongest level in over two years against the dollar, with USD/MXN touching 17.08, as markets brace for U.S. July inflation data.
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The Mexican Peso advanced 0.32% on Tuesday, pushing USD/MXN down to 17.08—a 25-month low. That marked the pair’s weakest dollar level since June of the prior year.
The move comes ahead of the release of U.S. consumer price inflation numbers for July, which will influence near-term Federal Reserve rate expectations. A softer inflation print could further undermine the dollar.
Markets now watch whether the peso can breach the 17.00 handle, a level not seen in more than two years.
Source: FXStreet Forex News