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30 Mar 2020

USD/MXN jumps to 24.55, Mexican peso tumbles

  • Mexican peso tumbles across the board on Monday, worst performer. 
  • USD/MXN up by more than 4%, at highest since last Wednesday. 

The USD/MXN pair accelerated the move to the upside on Monday and jumped to 24.56, reaching the highest levels since last Wednesday. From the peak, it pulled back, and as of writing, it trades at 24.25/30, up 4.20% for the day. 

The Mexican peso is the worst performers among the most traded currencies. Latin American currencies are under pressure amid risk aversion; however, the decline of the Mexican peso is much more significant. 

The Mexican economic outlook is getting worse every day. Fears about the situation with the stated-owned Pemex (Petroleos Mexicanos) after a credit downgrade and amid another sell-off in crude oil prices, adds to the already weak economic environment. 

Mexican President Lopez Obrador shifted his tone on coronavirus, urging people to stay at home and warned of dire consequences. During Monday’s press conference he blamed “years of neoliberalism” for not having all the doctors and specialists. 

Technical levels 

 

Mar 30, 2020

EUR/USD Price Analysis: Euro starts the week on the back foot, nearing 1.1000 handle

EUR/USD is retreating down from last week’s high as the spot is approaching the 1.1100 figure and the 50 DMA (daily simple moving average as DXY is picking up
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Mar 30, 2020

EM FX: Between phase 3 “bargaining” and phase 4 “depression” – HSBC

Using a model from Elizabeth Kiibler-Ross, analysts at HSBC consider emerging market currencies are following five phases to recovery. They see market
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