# Mexican Peso holds strong as Mexican Congress takes office

> The peso recovered some ground against the dollar after the Fed's preferred core PCE inflation gauge came in below expectations. USD/MXN fell about 1% to 19.64 as the new Mexican Congress took office. Investors remained cautious over judicial reform and Banxico's downward growth revisions.

- Date: 2024-08-30 · published 2024-08-30T12:00:00.000Z
- Category: macro · region Mexico · magnitude low
- Page: https://feedsoft.ai/events/29051-mexican-peso-holds-strong-as-mexican-congress-takes-office
- Commodities: [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md)

## Why it matters

A firmer peso lowers the local-currency cost of dollar-priced feed imports into Mexico. Expectations of Fed rate cuts also tend to support broader commodity prices.

## Read by commodity

- USDMXN: bearish ▼

## Sources

- fxstreet.com: https://www.fxstreet.com/news/mexican-peso-appreciates-as-us-inflation-data-justifies-fed-rate-cuts-202408301704

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.