• Risk-off impulse triggered outflows from the emerging market Mexican Peso, boosting the US Dollar.
• The NY Fed Manufacturing Index climbed as business conditions improved.
• USD/MXN Price Analysis: Downward biased, but it could aim towards 18.7000 if it clears 18.2000.

The USD/MXN advances as the Mexican Peso (MXN) weakens, courtesy of hawkish commentary by Federal Reserve (Fed) officials. Increasing woes that the Fed would keep tightening monetary conditions, alongside investors pushing back the first rate cut to November 2023, augmented US Dollar demand. At the time of writing, the USD/MXN is trading at 18.0755 after hitting a low of 17.9142.