The Mexican peso closed stable and ended the week with a gain of over 1%.

The Mexican peso advanced marginally to close out a positive week, supported by economic figures in the U.S. that showed signs of a labor market slowdown.

The peso ended Friday’s trading session stable. The local currency advanced slightly to end a positive week, bolstered by U.S. economic data indicating a slowdown in the labor market.

The exchange rate concluded this session at 18.0838 pesos per dollar. Compared to the previous day’s close of 18.0873, based on official data from the Bank of Mexico (Banxico), this represented a gain of 0.02% for the local currency, which was less than one cent.

The dollar traded within a range, with a high of 18.1928 pesos and a low of 18.0014 pesos. The Dollar Index (DXY) from the Intercontinental Exchange, which measures the greenback against a basket of six major currencies, fell by 0.26% to 104.86 points.

Non-farm payrolls in the U.S. increased by 206,000 jobs in June. May’s figures were significantly revised down to 218,000 jobs from the initially reported 272,000, and June’s figures were even lower.

Additionally, the U.S. unemployment rate rose from 4% in the previous month to 4.1%, higher than the expected 4%. Both figures provided new signs of a slowdown, which are favorable for a rate cut by the Federal Reserve.

Following the data, the likelihood of the Fed announcing an interest rate cut in September increased to 72%, with the possibility of a second cut in December, according to interest rate futures tracked by CME Group’s FedWatch tool.

Although the peso appreciated at the start of the session on expectations of an increased rate differential, some analysts noted that the movement stalled at the technical level of 18 pesos per dollar, also influenced by fears of a local impact.