- Analytics
- News and Tools
- Market News
- USD/MXN drops further near 20.70, fresh monthly low
USD/MXN drops further near 20.70, fresh monthly low
- USD/MXN keeps falling even as Wall Street extends slide.
- Mexican peso among top weekly performers.
- Banxico surprises with an interest rate hike of 50bps.
The USD/MXN is falling for the third day in a row and not even risk aversion is avoiding the Mexican peso to add to weekly gains. The cross trades at 20.71, the lowest level in a month.
The Mexican peso is among the top performers of the week. It was already strong and Banxico’s decision on Thursday to raise the key interest rate by 50 bps, above the 25 bp increase of market consensus, boosted MXN even further.
Also, technical factors contribute to the decline. USD/MXN broke the strong support area around 20.90 and now it looks poised to test the 20.65 area. Below the next support might be seen at 20.45/50 followed by a key long-term trendline around 20.15.
On Friday, the Dow Jones is falling 1.65% and the Nasdaq 1%. The slide in equity prices, neither the Turkish lira crisis, is affecting so far the Mexican peso that together with the South African rand are the biggest gainers.
USD/MXN weekly chart
-637753511152689819.png)
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
