USD/MXN PRICE FORECAST: MEXICAN PESO PLUMMETS TO RECORD LOW AGAINST US DOLLARUSD/MXN worth motion skyrocketed greater than 5% int
USD/MXN PRICE FORECAST: MEXICAN PESO PLUMMETS TO RECORD LOW AGAINST US DOLLAR
- USD/MXN worth motion skyrocketed greater than 5% intraday to its highest stage on document
- The Mexican Peso has crumbled alongside the crude oil price crash as a result of subsequent pressure exerted on state-owned Pemex
- US Dollar dominance may endure and push spot USD/MXN larger amid the rising coronavirus pandemic and mounting recession threat
USD/MXN simply exploded to a document excessive above the 23.000 deal with because the Mexican Peso depreciates at its quickest price in opposition to the US Greenback since October 2008. Spot USD/MXN costs spiked almost 6% intraday from Friday’s shut close to the 21.800 mark. The newest transfer larger on this top emerging market currency pair is pushed largely by one other wave of risk-aversion because the coronavirus outbreak worsens.
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USD/MXN PRICE CHART: MONTHLY TIME FRAME (MARCH 2008 TO MARCH 2020)
Chart created by @RichDvorakFX with TradingView
The monumental climb in USD/MXN since mid-February, which accelerated shortly after I famous the Mexican…