The Mexican Peso (MXN) trades according to the distinctive domestic factors affecting its key counterparts on Wednesday.
The Mexican Peso trades variably as idiosyncratic factors affect its major counterparts. USD/MXN is impacted by a perceived change in stance from the Federal Reserve after a speech by its Chairman on Tuesday. In Europe, political factors relating to up-and-coming elections impact EUR/MXN and GBP/MXN. The Mexican Peso trades according to the distinctive domestic factors affecting its key counterparts on Wednesday.
The supposed “independence” of the BoE, however, is one counterargument against this view; another is the still-hot wage inflation in the UK, which will prevent the BoE from cutting interest rates in the near term, according to Philip Bokeloh, Senior Economist at Abn Amro. Technical Analysis: USD/MXN trades in a short-term range USD/MXN meanders in a range after pulling back from its June 28 swing high at 18.59. It is currently at the lower end of the range, trading in the 18.20s.
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