- Mexican peso continues to be among the weakest currencies in the world.
- USD/MXN rises for the fourth day in a row, eyes 25.00.
The USD/MXN pair rose to 24.80 on Thursday, reaching the highest level since April 6. It then pulled back modestly, finding support at 24.60. As of writing, it trades at 24.65, up 0.88% for the day. Since the beginning of the year, it has risen 30%.
The Mexican peso remains under pressure. Among the most traded currencies, it is the worst performer on Thursday. It failed to benefit from higher equity prices in Wall Street and a recovery in crude oil.
The greenback is mixed. The DXY is flat supported by the decline in EUR/USD and the rally in USD/CHF. Commodity and many emerging market currencies are posting gains versus the dollar.
Data released on Thursday did not impact on the currency market. In the US, initial jobless claims jumped again by more than four million but rising less than the previous weeks. The flash PMI Markit showed a larger than expected slide to record lows. In Mexico, inflation eased during the first half of April to its lowest level since 2015. The CPI climbed 2.08% from a year ago. Lower inflation allows the Bank of Mexico to keep cutting interest rates.
Technical levels
Share
