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Latin American FX Steadies as Mexico’s Peso Inches Up and Argentina’s Official Rate Eases After Debt Sale

Markets positioned for Friday’s U.S. PCE inflation reading with futures pricing a 25‑basis‑point Fed cut in September.

Overview

  • The Mexican peso ended marginally stronger at 18.6439 per dollar, a 0.08% gain per Banxico, after trading between 18.6043 and 18.6887.
  • Stronger U.S. data—Q2 GDP revised to about 3.3% and initial jobless claims down to 229,000—supported perceptions of resilience as the dollar index slipped and Fed‑cut odds stayed tilted to 25 bp in September, per CME FedWatch.
  • Argentina’s Treasury auction achieved a 114.66% rollover of the day’s maturities, and with central‑bank support the official rate fell roughly 15 pesos to 1,305/1,345 at Banco Nación; the wholesale rate closed near 1,333.
  • The BCRA reported reserves down about US$292 million to US$40.961 billion, with officials citing a Buenos Aires Province bond payment as a driver of the decline, according to Ámbito.
  • Parallel and financial dollar quotes were little changed with narrow gaps: blue around 1,350, MEP near 1,340.58, and CCL about 1,341.50.