The Mexican Peso (MXN) edges lower in its key pairs on Monday after the news that Claudia Sheinbaum is set to win the Mexican presidential election with a comfortable majority.
The Mexican Peso weakens after the news that Claudia Sheinbaum has won the Mexican presidential election. Sheinbaum is likely to be more “disciplined” than her predecessor but continue his generous welfare programmes, say analysts. Her plans to raise the minimum wage are likely to drive growth and consumer spending but could increase inflation, economists say.
Technical Analysis: USD/MXN forms triangle within uptrend USD/MXN – or the number of Pesos that can be bought with one US Dollar – forms a triangle price pattern within a short-term uptrend. It is unclear whether the triangle is symmetrical or right-angled, and so it is slightly biased to break out higher in line with the dominant short-term uptrend, rather than lower, as would be the case if it were clearly of the right-angled variety.
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