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Mexican peso firms near 17.40 versus dollar ahead of Fed
USD/MXN was near 17.40, falling for a third straight session, as softer US data offset tariff support for Mexico.
The Mexican peso strengthened within its recent range against the US dollar, with USD/MXN trading around 17.40 on Tuesday and posting modest losses for a third consecutive session, FXStreet reported.
The dollar faced pressure after the Conference Board Consumer Confidence Index fell to 90.8 in July from an upwardly revised 92.2 in June. At the same time, the NER Pulse report showed US private employers added an average of 15K jobs per week over the four weeks ending July 11, indicating hiring momentum slowed for a fifth straight week.
FXStreet said the peso, by contrast, received support from a US tariff announcement. Washington imposed a 10% tariff on Mexican imports not covered by the USMCA, below the 12.5% rate applied to countries without a trade agreement, helping preserve Mexico’s competitive position in the US market.
Markets are now focused on the Federal Reserve policy decision on Wednesday, where rates are widely expected to be left unchanged. Investors will also look ahead to Mexico’s preliminary second-quarter GDP data on Thursday, with forecasts calling for 1.3% quarterly growth after a 0.6% contraction in the first quarter, and 1.5% annual growth versus 0.2% previously.