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USD/MXN sets new record high, closer to 19.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USD/MXN spent most of the day in negative territory but jumped during the American session and even hit a new all-time high boosted by risk aversion and the decline in crude oil prices.

    Stocks were recovering but lost strength and pulled back while crude oil was holding steady hovering around $28.60 a barrel (WTI) but turned to the downside falling to $27.30. The Mexican peso was hit and pushed USD/MXN to the upside.

    The pair bottomed at 18.62 after the initial reaction to Janet Yellen’s presentation but bounce to the upside, climbed to 18.80 and then jumped to 18.95, rising slightly above yesterday’s highs.

    Afterwards, the pair pulled back and it was trading around 18.86 about to post a record high close and the fifth consecutive daily gain. The US dollar continues to approach19.00 but the mentioned area is likely to offer resistance.
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