Mexican Peso stays firm against US Dollar amid Fed Bostic comments

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• Mexican Peso soars as mixed economic data from the United States, undermined the Greenback.
• Mexico’s Consumer Confidence deteriorates as households are concerned about the future economic outlook.
• USD/MXN tumbles toward 16.80 as sellers eye 2023’s low of 16.62.
• Atlanta’s Fed Bostic shifted slightly hawkish after reiterating that he expects 50 bps of rate cuts toward year’s end.

The Mexican Peso (MXN) posts modest daily gains of 0.20% against the US Dollar (USD) as the Federal Reserve (Fed) Atlanta’s President Raphael Bostic crosses the newswires and emphasizes the current interest rates, can drive inflation towards the Fed’s goal. Consequently, the USD/MXN recovers some ground after hitting a daily low of 16.78 and trades at around 16.81, nearby multi-month lows.