FXStreet (Córdoba) - The Mexican peso is falling for the second day in a row against the US dollar, following the decline in crude oil prices. The WTI barrel is trading around $30.00, down 5% while stocks in Wall Street are falling 2% on average. USD/MXN opened the week trading at the lowest level in almost two weeks at 18.09 but bounced to the upside. Yesterday finished at 18.25 and today moved with an upside bias since the beginning of the day and accelerated toward 18.50 on American hours. Recently peaked at 18.54, the highest level since last Wednesday. It was trading around 18.50, 2.25% up for the week so far. USD/MXN to test record highs? According to analysts from Brown Brothers Harriman the weakens in the Mexican peso reflects the use of MXN as a proxy for Emerging Markets. “While other EM currencies were retracing 50-62% of their December-January drops, the peso only got as far as its 38% retracement objective. With this latest slide in oil, a break above 18.5360 for USD/MXN would signal a test of the all-time high near 18.80 from January 21.” For more information, read our latest forex news.