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
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 1.17% Gold: 0.92% Oil - US Crude: 0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/TU8HEn8Gbk
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.44%, while traders in France 40 are at opposite extremes with 73.01%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/M5ItmLXuiw
  • The Australian Dollar plummeted more than 1.4% against the US Dollar since the start of the week with AUD/USD reversing off technical resistance at the yearly high-close. Get your $AUD market update from @MBForex here:https://t.co/72ORZ3wZwx https://t.co/zG3UzI6bRc
  • US Markets Weekly Performance: S&P 500: -1.39% Nasdaq 100: -2.34% Dow Jones: -1.14% $SPX $NDX $DJX
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: France 40: 0.58% Germany 30: 0.35% FTSE 100: 0.33% Wall Street: -0.00% US 500: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/TUoFzlS6AX
  • https://t.co/xBh8Jp8QRu
  • EUR/USD higher on the day following a disappointing US retail sales print this morning $EURUSD https://t.co/j1IuZOFiGI
  • Canada's Trudeau: We are looking to reopen the border with the U.S. $USDCAD
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 0.86% Gold: 0.81% Oil - US Crude: 0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nZBu5vyQD6
  • RT @BrendanFaganFx: Bitcoin, Ethereum, Dogecoin Moving Mainstream as Hollywood's Elite Embrace Crypto #Bitcoin #Ethereum $BTC $ETH Link:…
USD/MXN – Dollar Directionless vs Peso, Watch Risk Trends

USD/MXN – Dollar Directionless vs Peso, Watch Risk Trends

Paul Robinson, Strategist

USD/MXN Highlights:

  • USD/MXN stuck in sideways meander
  • Stock market/risk appetite a big factor

USD/MXN stuck in sideways meander

USD/MXN hasn’t gone anywhere of recent, but that has generally been the case throughout the USD-sphere. One of the biggest factors in play right now is risk appetite, and as long as it remains strong (i.e. stocks firm to up) then it will continue to be a boon for the Peso.

If the upside in stocks persists then we could see USD/MXN succumb to selling that pushes it below the June low at 21.46 towards the 200-day and 2018 high that are currently in confluence around the 21-mark.

On the top-side there is work to be done if we are to see a rally in the pair develop, and contrary to the stocks up/MXN up theme we will likely have to see stocks down to get MXN down. But looking at USD/MXN in a bubble, it needs to cross above the upper parallel from the April high, then above the June high at 23.28 if it is to turn the ship around.

Whether it can happen from here or after another round of selling is of course to be seen, but longer-term it is quite possible the weakness we have seen in recent months will turn out to be merely a correction in an ongoing long-term uptrend.

For now, risk/reward in either direction isn’t particularly appealing, making the sidelines potentially the best place to be. With time greater clarity should present itself.

USD/MXN Daily Chart (rangebound for now)

USD/MXN daily chart

USD/MXN Chart by TradingView

Resources for Forex Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

DISCLOSURES