post gains, cushioned the MXN from falling against its counterpart, the US Dollar . At the time of writing, the USD/MXN is trading at 17.5308, down 0.10%.The USD/MXN dropped sharply from around 17.5000s toward the lows of the week of 17.4190 after the US Bureau of Labor Statistics revealedcrushed analysts’ estimates of 190K, with the economy adding 339K jobs. Although the headline figure is impressive, digging a little deep, the Unemployment Rate jumped from 3.4% to 3.7%.
Later, the USD/MXN rallied, about to erase its earlier losses, as traders digested the US jobs report, underpinned by rising US Treasury bond yields. The 10-year benchmark note rate is 3.69%, ten basis points higher than Thursday’s close., a gauge of the buck’s value against a basket of six currencies, advances 0.47%, up above 104.000, set to finish the week with losses of 0.17%.
Across the border, Mexico’s Unemployment Rate for April was 2.8%, above estimates of 2.7%. Aside from this, the latest meeting minutes of the Bank of Mexico showed inflation and inflationary pressures cooling down after the bank held rates at 11.25%. On Wednesday, Banxico{s Governor Victoria Rodriguez Ceja said that the institution she commands would keep rates at record high for at least the two following meetings.
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