The Mexican Peso (MXN) edges lower in its most heavily-traded pairs as the European session gets underway on Wednesday.
The Mexican Peso continues depreciating on Wednesday after Tuesday’s sell-off following weak retail sales data. Carry trade outflows and investor concerns regarding judicial reforms are also weighing on the MXN. Technically, USD/MXN may be starting a new leg higher within its rising channel. The Mexican Peso edges lower in its most heavily-traded pairs as the European session gets underway on Wednesday. The Peso fell between 1.50% and 2.
For more macroeconomic news from Mexico, traders will have to wait for Thursday when 1st Half-Month Inflation for August and Q2 Gross Domestic Product data will be published by INEGI. At the time of writing, one US Dollar buys 19.06 Mexican Pesos, EUR/MXN trades at 21.21, and GBP/MXN at 24.82. Technical Analysis: USD/MXN could be starting new up leg USD/MXN gained over 1.7% on Tuesday, reversing the prior evolving down leg within the pair’s broader rising channel.
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