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Mexican Peso Strengthens on Improved Sentiment Toward U.S. Trade Policy

By: fxleaders|2025/05/09 07:00:04
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The Mexican peso strengthened against the U.S. dollar on Thursday, buoyed by improved sentiment following a new trade agreement between the United States and the United Kingdom, which raised hopes for progress in U.S.-China tariff negotiations. The exchange rate closed at 19.5373 pesos per dollar, compared to 19.6050 in the previous session, according to official data from the Bank of Mexico (Banxico). This represents a gain of 6.77 centavos, or 0.35%, for the peso. The dollar traded between a high of 19.6233 and a low of 19.5127 pesos. Meanwhile, the U.S. Dollar Index (DXY), which measures the greenback against a basket of six major currencies, rose 0.71% to 100.62. Investor sentiment improved after U.S. President Donald Trump and U.K. Prime Minister Keir Starmer announced a “major trade agreement” on Thursday—the first such deal since Trump imposed and later suspended steep import tariffs. The announcement fueled optimism that the U.S. could make headway in resolving its trade dispute with China. A U.S. delegation is set to meet with Chinese officials in Geneva, Switzerland, this weekend to discuss tariffs. On the domestic front, Mexico’s national statistics agency INEGI reported that annual headline inflation rose slightly to 3.93%—still within Banxico’s target range. Despite the uptick, analysts continue to expect additional interest rate cuts. “Despite the April inflation rebound, we maintain our forecast of a 50-basis-point cut at Banxico’s May 15 meeting,” said analysts, noting that attention will now turn to whether the central bank adjusts its forward guidance in response to inflation’s recent resilience.

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