Mexican Peso Faces Dovish Outlook as Inflation Data Falls Below Forecast

One Million Trade - 2024-03-07 12:00:00

The published data for MXN CPI (MoM) and CPI (YoY) for February showed a decrease from the previous month and came in below forecast, indicating lower inflationary pressures in the Mexican economy. This could potentially lead to a more dovish monetary policy stance by the Bank of Mexico as they may look to stimulate economic growth through lower interest rates. The lower inflation figures could also impact consumer spending and overall economic activity in Mexico.

Currency sentiment: Bearish on MXN

Sentiment timeframe: Short term