The US Dollar (USD) gains traction against the Mexican Peso (MXN) during the early Asian trading hours on Wednesday. The uptick of the pair is bolster
ed by the rally of the US Dollar, higher US Treasury bond yields, and the upbeat US data. USD/MXN currently trades around 18.07, up 0.03% on the day., a measure of the value of the USD relative to a basket of foreign currencies, surges to 107.10 the highest level since November last year. The US Treasury yields also edge higher on Wednesday, with the US 10-Y yield staying at 4.83%, the highest level since 2007.
On Tuesday, Cleveland Federal Reserve President Loretta Mester stated that she is likely to favor an interest rate hike at the next meeting if the current economic situation holds while mentioning that the Fed is likely at or near peak for interest rate target. Meanwhile,On the other hand, Mexico’s S&P Global Manufacturing PMI for September came in at 49.8 from the previous reading of 51.2. The figure dropped to the contractionary territory and weighed on the Mexican Peso.
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The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.AUD/USD is trading above 0.6300, attempting a recovery from a fresh 11-month low in early Asia on Wednesday. The pair is drawing support from a pause in the US Dollar uptrend, despite a cautious market mood. Top-tier US data is in focus for fresh directives. USD/JPY sticks to gains around 149.
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