USD/MXN rises on stronger US Dollar (USD) following mixed S&P preliminary Purchasing Managers Index (PMI) data and robust weekly Jobless Claims from the United States (US).
USD/MXN extend its winning streak for the third successive session on Friday. S&P Global Manufacturing PMI rose to 52.5 against the expected 51.7 and 52.2 prior. Banxico has lowered its interest rates by 25 bps to 11.0% in its March policy meeting. USD/MXN rises on stronger US Dollar following mixed S&P preliminary Purchasing Managers Index data and robust weekly Jobless Claims from the United States . The pair trades higher around 16.80 during the European session on Friday.
On the other hand, the Manufacturing PMI increased to 52.5, surpassing expectations of 51.7 and the previous figure of 52.2. Initial Jobless Claims for the week ending on March 15 came in at 210K, below the 215K expected and 212K prior. The US Dollar Index has continued to strengthen despite lower US Treasury yields. However, the US Dollar encountered challenges following the Federal Reserve's reaffirmation of expectations for three interest rate cuts in 2024.
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