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USD/MXN reverses from 1-week highs and tumbles toward 18.15

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The US dollar plummeted across the board on Wednesday, losing ground even against Emerging Market currencies. The Mexican peso, that is used as a proxy for EM, rose from the lowest level in a week, approaching last week highs.

    USD/MXN
    peaked at 18.61 (1-week highs) and then turned sharply to the downside, reversing the trend that had been in place since the beginning of the week. Recently bottomed at 18.18 as stock in Wall Street turned sharply to the upside on a volatile session.

    The pair was trading at 18.23, near last week lows located at 18.10 that could be challenge if stocks and crude oil continue to recover.

    BRL, RUB outperforming

    Among EM, the Brazilian real and the Russian ruble are the top performers. The rally in stocks and in crude oil (WTI up by more than 8%). USD/BRL dropped to a fresh 2016 lows at 3.89 while USD/RUB was falling more than 3%, trading under 77.00.
    For more information, read our latest forex news.
     

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