This is the forex quote for the U.S. Dollar against the Mexican Peso. In this quote, the value of one USD (the 'base currency') is quoted in terms of MXN (the 'counter currency'). Mexico's geographic proximity to the US and its membership in the North American Free Trade Agreement (NAFTA) makes it highly responsive to economic developments in the world's largest consumer market. As a typically higher-yielding currency, the Peso is found to be attractive at times when investors are optimistic about the state of the global economy and prioritize returns over safety. This can make USD/MXN sensitive to swings in broad-based market sentiment trends.
The most interesting and largely overlooked net speculative futures readings comes from $USDMXN which has pushed to a record low - giving some serious pause to this tentative, multi-year wedge breakdown https://t.co/Qnpdw6BURp
$USDMXN Mexican Peso oscillating around 40-week highs relative to the US Dollar with spot USD/MXN testing major confluent support provided by the 18.750 level. Meanwhile, #USMCA looks set for final approval from US Senate, but are upbeat expectations largely baked in already? https://t.co/zn08IAkkY7
$USDMXN has been trading on this support level for the past week, but again as said already, the price action is unusually quiet, so and a make or break situation is brewing. Get your technical analysis from @PaulRobinsonFX here: https://t.co/HUxkyq08yQ https://t.co/rlfKcK1PA7
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