The Mexican Peso prolongs its agony against the US Dollar and dips some 0.16% during the North American session, hurt by market mood deterioration as investors flock to safe-haven currencies.
Mexican Peso plunges more than 2.30% in the week. Mexico ’s creditworthiness remains solid as Fitch reaffirms Mexico 's BBB rating but warns about the judiciary reform. Trump's comments on immigration and automotive industry relocation impact Mexican Peso sentiment. The official nomination of former President Donald Trump as a Republican Candidate and remarks linked to Mexico could be one of the reasons behind the USD/MXN advance, which traded at 17.99 above its opening price by 0.16%.
60 amid traders' nervousness about former President Trump's “upcoming” victory as they ditch the Mexican currency. Since Thursday, the exotic pair has gained 1.50% and challenged the psychological 18.00 figure but has failed to print a daily close above the latter. If USD/MXN extends its gains above the psychological 18.00 figure, that will expose key resistance levels. Once breached, the next stop would be the July 5 high at 18.19, followed by the June 28 high of 18.
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