Forex
Mexican Peso Plummeting Amid Escalating Middle East Conflict
The Mexican Peso (MXN) continued its downward trend on Monday, depreciating by over 1.5% against the US Dollar as investors grew increasingly concerned about the prolonged conflict in the Middle East.
This escalation has kept energy prices under pressure and strengthened the safe-haven appeal of the Greenback at the expense of the Mexican currency.
The USD/MXN pair traded at 18.35, after bouncing off daily lows of 18.06. Mexico's economic docket showed that manufacturing activity improved in September, according to S&P Global, with the Manufacturing PMI expanding from 49.8 to 50.3.