The US dollar has come under additional pressure after a weak ISM services report showed a headline drop to 50.1. Though prices paid hit their highest level since October of 2022 despite a revised Atlanta Fed GDP now estimate rising to 2.46 from 2.15.
The dollar and long-end yields fell with the dollar index stuck between its 150-day moving averages awaiting a breakout for direction.
In Latin America, the Mexican peso outperformed, putting in its strongest gain since July last year, fueled by constructive trade talks between Mexico and Canada.
Mexico’s economy minister and Canada’s finance minister are collaborating to address US tariffs, with Mexico’s president Shinebomb’s pragmatic approach helping avoid higher rates.
Meanwhile, Brazil’s real gained slight support as President Lula and VP Alman resisted US trade levies, calling them unjustifiable while continuing negotiations.
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