News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bullish
Wall Street
Bullish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Heads Up:🇹🇼 Unemployment Rate (MAY) due at 08:30 GMT (15min) Previous: 3.71% https://www.dailyfx.com/economic-calendar#2021-06-22
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 86.05%, while traders in France 40 are at opposite extremes with 69.83%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/e2qZBDMNqV
  • Heads Up:🇹🇼 Unemployment Rate (MAY) due at 08:00 GMT (15min) Previous: 3.71% https://www.dailyfx.com/economic-calendar#2021-06-22
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/atvVwOkBBh
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Gold: -0.17% Silver: -0.29% Oil - US Crude: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/wIX18CsXWC
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.06% 🇳🇿NZD: -0.13% 🇪🇺EUR: -0.19% 🇨🇦CAD: -0.21% 🇬🇧GBP: -0.32% 🇦🇺AUD: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/1RgbvSFsvQ
  • 🇨🇭 Current Account (Q1) Actual: CHF 16B Previous: CHF -3B https://www.dailyfx.com/economic-calendar#2021-06-22
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.22% Wall Street: 0.21% France 40: 0.15% US 500: 0.12% Germany 30: 0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/bN9kT6l20O
  • Heads Up:🇨🇭 Current Account (Q1) due at 07:00 GMT (15min) Previous: CHF -3B https://www.dailyfx.com/economic-calendar#2021-06-22
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/nQ8XPAkiGr
Mexican Peso Hits Record Low Despite Good 2Q GDP Numbers

Mexican Peso Hits Record Low Despite Good 2Q GDP Numbers

Ryan Cox,

Talking Points:

  • Mexican Peso hit a new record low against US Dollar (USDMXN record high of 16.8375)
  • Mexico’s economy grew 0.5% in 2Q of 2015 and 2.2% from a year ago
  • Sell off in emerging markets driving Mexican Peso and other EM currencies lower

The Mexican Peso hit a fresh record low against the US Dollar despite solid 2Q GDP figures released by the Mexican government Thursday. Mexico’s economy grew 0.5% in the previous quarter and 2.2% from the same period a year ago. The quarterly figure was stronger than the 0.4% pace expected, said Mexico’s Deputy Finance Minister Fernando Aportela. Meanwhile, the annual figure bested the 2.1% forecast and the Mexican government revised up its first quarter reading to 2.6%. In the five year weekly chart of MXNUSD below, the intensity and persistence of selling pressure behind the emerging market currency is clear.

Mexican Peso Hits Record Low Despite Good 2Q GDP Numbers

In the daily chart below the intensity of the previous two days’ strong selling pressure is highlighted with the Rate of Change indicator.

Mexican Peso Hits Record Low Despite Good 2Q GDP Numbers

Regardless of the good growth trends in the Peso is still under pressure due to the market’s shifting tastes for risk and yield High-return regions from developing (‘emerging’) regions have seen broad selling pressures as confidence for global growth has temperedand fear of volatility has risen. In the chart below, the Peso is overlayed with the MSCI’s Emerging Market ETF (EEM).

Mexican Peso Hits Record Low Despite Good 2Q GDP Numbers

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES