The Mexican peso advanced as favorable US employment data kept the Forex market in the risk-on mode, supporting demand for higher-yielding currencies of emerging economies.
Yesterday, a report showed that US employment grew by 158,000 jobs in October. Today, US nonfarm payrolls data was released, demonstrating an increase by 171,000 last month, beating market expectations of 123,000. Coupled with the positive outlook for Mexico’s growth, the news helped the peso to rise.
USD/MXN went lower from 13.0120 to 12.9475 as of 13:02 GMT today.
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