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Peso slides versus dollar as US rate gap lifts USD
USD/MXN traded at 17.99, up 1.8% Monday, as US Treasury yields rose and traders priced a 92% chance Banxico keeps its November 5 rate at 6.50%.
The Mexican peso fell sharply against the US dollar on Monday, with market sentiment weakening amid news flow around stalled US-Iran talks, according to FXStreet.
The article said USD/MXN was last at 17.99, up 1.8%, as soaring US Treasury yields supported the greenback and the US Dollar Index rose 0.14% to 101.17.
FXStreet also cited comments from Bank of Mexico Governor Victoria Rodriguez, who said recent exchange rate fluctuations still favor the Mexican currency, and noted that Fed Governor Lisa Cook sounded hawkish on inflation risks.
In addition, the outlet reported that money markets priced a 92% chance Banxico would hold its policy rate at 6.50% for its November 5 meeting.
Latest closeDollar index 101.03 ▼0.2%