USD/MXN loses momentum below the 16.80 area ahead of Mexico’s GDP, US CB Consumer Confidence

Share:

• USD/MXN loses momentum near 16.77 amid the USD weakness.
• Federal Reserve (Fed) Chairman Jerome Powell said that additional rate hikes cannot be ruled out if required.
• Banxico’s policymakers cited the potential additional rate hikes to ease inflationary pressures.
• Market players will keep an eye on Mexico’s GDP, US CB Consumer Confidence.

USD/MXN extends its downside during the early European session on Tuesday. The pair currently trades around 16.77, losing 0.11% on the day. Meanwhile, the US Dollar Index (DXY), a measure of the value of the USD against six other major currencies, loses traction for the second consecutive day. Market participants await the US top-tier economic data and Mexican Gross Domestic Product (GDP) for the second quarter for fresh impetus.