USD/MXN gains ground due to risk-off sentiment despite dovish sentiment surrounding the Fed.
Vice President Kamala Harris had secured endorsements for the leading candidate for the presidential nomination.
Traders await the release of the first half-month Inflation data for July on Wednesday.
USD/MXN edges higher to near 18.00 during the European session on Tuesday. This upside could be attributed to the increased risk aversion, underpinning the US Dollar (USD). The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six other major currencies, trades around 104.30 after recovering its daily losses during the early European hours on Tuesday.
However, the US Dollar may limit its upside as expectations rise for a Federal Reserve (Fed) rate cut in September. Last week, Fed Chair Jerome Powell noted that the three US inflation readings this year "add somewhat to confidence" that inflation is on track to meet the Fed’s target sustainably, implying that interest rate cuts might be approaching.
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