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Reading: The Mexican Peso strengthens against the USD following the release of US Nonfarm Payrolls
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Gulf Press > Business > Forex > The Mexican Peso strengthens against the USD following the release of US Nonfarm Payrolls
Forex

The Mexican Peso strengthens against the USD following the release of US Nonfarm Payrolls

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Last updated: 2024/09/07 at 9:15 AM
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The Mexican Peso experienced a volatile 24-hours, hitting new year-to-date lows before recovering. The decline was mainly attributed to investor concerns over proposed controversial reforms to the judiciary by the Mexican government. USD/MXN fell after the release of the Nonfarm Payrolls report, showing lower than expected hirings in the US.

Following the release of the Nonfarm Payrolls report, the Mexican Peso rose against the US Dollar. Positive data points in the report, such as a decrease in the US Unemployment Rate and a rise in Average Hourly Earnings, may impact Fed rate-cut expectations. The market-based probabilities for a rate cut from the Federal Reserve at its September meeting have moderated slightly.

Data from Mexico showed a rise in Auto Exports and Auto Production in August, signaling positive economic activity. At the time of writing, one US Dollar buys 19.79 Mexican Pesos, showcasing the current exchange rate trends.

The Mexican Peso has been under pressure due to political reforms in the country, particularly regarding controversial changes to the judiciary. Critics argue that the reforms will compromise the independence of judges and may lead to decreased foreign investment, ultimately impacting the Peso’s value.

Technical analysis shows USD/MXN making new year-to-date highs before forming a bearish Shooting Star candlestick pattern. Despite potential bearish signals, the overall trend remains bullish, favoring more upside for the pair. A break above the high of the Shooting Star could signal a continuation of the bull trend.

The Nonfarm Payrolls release, which presents the number of new jobs created in the US, is a significant economic indicator that can cause volatility in the Forex market. A high reading is seen as bullish for the US Dollar, while a low reading is considered bearish. The market’s reaction to the report depends on various factors, including previous months’ reviews and the Unemployment Rate.

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News Room September 7, 2024
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