USD/MXN FORECAST – MEXICAN PESO SPIKES TO 16-MONTH HIGH DESPITE BANXICO RATE CUT & US DOLLAR STRENGTH
- USD/MXN worth motion plunged 5.4% since late November and leaves the Mexican Peso at 16-months highs towards the US Dollar
- The Mexican Peso may preserve climbing because the novel coronavirus outbreak wreaks havoc throughout China and world provide chains
- Spot USD/MXN continues to bleed decrease regardless of one other Banxico rate of interest reduce and widespread demand for safe-haven currencies
MXN worth motion has climbed 3.5% on stability because the starting of January. Regardless of a fourth-consecutive 25-basis level rate of interest reduce introduced earlier this month by Banco de Mexico, or Banxico, the Mexican Peso has remained resilient and is outperforming different top emerging market currencies to date this 12 months.
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Spot USD/MXN at the moment trades at its lowest degree since October 2018 because of the ongoing stretch of features recorded by the Mexican Peso, which has confounded many US Greenback bulls because the Dollar presses its strongest studying since Could 2017 in keeping with…