Mexican peso among worst currency performers of the week, drops almost 3% versus USD. USD/MXN rises for the third week in a row, holds above 20.00. The ongoing sell-off in global equity markets continue to weigh on emerging-markets. Many Latin American currencies reach fresh record lows against the US dollar. The Mexican peso was among the worst performers. The USD/MXN broke decisively above 20.00 on Friday and jumped to 20.37, the highest intraday level since December 2018. It pulled back later but held above the psychological 20.00 area. It is trading at 20.16/18 about to post a weekly gain of 70 cents. From mid-February lows it has risen 9%. The dramatic rally could spark some comments from Banxico officials. The Bank of Mexico is expect to cut rates at their next meeting particularly after the emergency cut from the Federal Reserve. Technical outlook The sharp gains in USD/MXN were also boosted by technical factors. The pair broke a long-term descendant trendline on Thursday at 18.90, adding more strength to the rally. With USD/MNX above 18.90 more gains seem likely but technical indicators in practically all time-frames show overbought readings but still no signs of a correction. The next long-term resistance is located around at 20.50/60. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR to strengthen further if ECB disappoints easing expectations – MUFG FX Street 3 years Mexican peso among worst currency performers of the week, drops almost 3% versus USD. USD/MXN rises for the third week in a row, holds above 20.00. The ongoing sell-off in global equity markets continue to weigh on emerging-markets. Many Latin American currencies reach fresh record lows against the US dollar. The Mexican peso was among the worst performers. The USD/MXN broke decisively above 20.00 on Friday and jumped to 20.37, the highest intraday level since December 2018. It pulled back later but held above the psychological 20.00 area. It is trading at 20.16/18 about to post a weekly gain of… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
