Following the report, bets strengthened that the Fed will implement its first rate cut in September instead of November.The Mexican peso appreciates a
Following the report, bets strengthened that the Fed will implement its first rate cut in September instead of November.
The Mexican peso appreciates against the dollar on Friday morning. The local currency advances supported by the global retreat of the greenback following the release of a weak US labor market report that impacts rate expectations.
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The spot exchange rate stands at 16.9270 units per dollar. Compared to yesterday’s official closing of 16.9942 units by the Banco de México (Banxico), this represents an increase of 6.72 cents or a 0.40 percent change for the currency.
The price of the dollar is trading within a narrow range, with a high of 17.0030 pesos and a low of 16.8263 units. The Dollar Index (DXY) from the Intercontinental Exchange, which measures the greenback against six currencies, is down 0.46 percent at a level of 104.82 points.
The nonfarm payroll in the United States increased by 175,000 jobs last month, reported the Department of Labor, below expectations of 243,000. The figure was also lower than the previous month’s 315,000.
Following the report, bets strengthened that the Fed will implement its first rate cut in September instead of November. The market now also expects two 25-basis-point rate cuts this year, up from one before the data.
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