Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
12 Jan 2024

USD/MXN drops to near 16.87 on improved risk appetite, focus on US PPI

  • USD/MXN faces challenges as traders bet on speculations of Fed rate interest cuts.
  • US Dollar fails to cheer the improved US bond yields and upbeat inflation data.
  • Mexican Peso moves on an upward trajectory despite softer production data.

USD/MXN extends its losses for the second straight day, possibly due to the improved risk appetite as traders price in the possibility of resuming rate cuts in March and May. The USD/MXN pair trades lower near 16.87 during the European session on Friday.

The improved US Treasury yields seem failing to provide any support to the US Dollar (USD). The US Dollar Index (DXY) trades lower near 102.20 with the 2-year and 10-year yields on US bond coupons standing at 4.27% and 3.96%, respectively, at the time of writing.

The favorable US inflation data were not successful in maintaining the strength of the US Dollar as traders are more inclined toward Fed rate cuts. December's US Consumer Price Index (CPI) reported a year-on-year increase of 3.4%, surpassing both November's 3.1% and the expected market figure of 3.2%. Additionally, the monthly CPI growth for December showed a 0.3% increase, exceeding the market projection of 0.2%.

Traders are likely awaiting the release of the US Producer Price Index (PPI) data for December. Additionally, they may keenly observe the upcoming speech by Federal Reserve member Neel Kashkari in the North American session. These events are expected to provide further insights into the economic landscape of the United States.

On Mexico’s side, INEGI revealed November’s Industrial Output (MoM) on Thursday, showing a decline of 1.0%, swinging from the previous growth of 0.6%. While the annual data contracted to 2.8% against the 4.8% as expected. These softer figures might have capped the advances of the Mexican Peso (MXN). Market participants will eye Retail Sales data in the upcoming week.

 

Jan 12, 2024

EUR/CZK: Likely range for today will be 24.70-24.80 – ING

EUR/CZK has jumped up to 24.70, last week's levels. Economists at ING analyze the pair’s outlook.
Read more Previous
Jan 12, 2024

India Gold price today: Gold edges higher, according to MCX data

Gold prices rose in India on Friday, according to data from India's Multi Commodity Exchange (MCX).
Read more Next