The peso begins the session appreciating by 0.21% (or 3.7 centavos), trading around 17.19 pesos per dollar, with the exchange rate hitting a high of 17.2386 and a low of 17.1846 pesos per dollar. The peso's appreciation coincides with a moderate 0.03% pullback in the US dollar, according to the weighted index.

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The peso's appreciation is part of a downward correction following the depreciation seen last week, when the dollar strengthened due to the Federal Reserve's interest rate hike and expectations of another increase before year-end.

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Signs of agreements or diplomatic efforts aimed at limiting the impact of the wars in Iran and Ukraine could allow for a further downward correction in commodity prices and ease market jitters regarding global inflationary pressures.

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Original Note