The Mexican Peso (MXN) comes off its highs on Tuesday, as traders take profit after a concerted period of strengthening, which has seen it reverse almost half of the post-election slide in its most traded pairs.
The Mexican Peso rallies after the release of inflation data ahead of the Banxico meeting. The Banxico is likely to keep interest rates unchanged at 11%, supporting the MXN. The short-term trend has reversed for USD/MXN and is probably bearish now, though RSI is oversold. The Mexican Peso comes off its highs on Tuesday, as traders take profit after a concerted period of strengthening, which has seen it reverse almost half of the post-election slide in its most traded pairs.
The “carry trade” is a type of investment in which investors borrow in a currency with low interest rates, like the Japanese Yen , and buy a currency with a high interest rate like the Mexican Peso. Their profit is the difference between the interest repayments on the low-interest loan and the profit from the interest on the investment .
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