The Mexican Peso recovers some ground against the Greenback after hitting a two-year low.
Mexican Peso recovers but remains volatile; USD/MXN surged to yearly high of 20.80 before retreating. Trump’s tariff threats keep Mexican markets on edge; judicial reform ruling threatens the state of law. Fed's anticipated rate cut may further influence USD/MXN direction in the coming days. Yet it treads water as investors digest former President Donald Trump’s victory in the US election. At the time of writing, the USD/MXN trades at 20.10, 0.12% above its opening price.
USD/MXN technical outlook: Mexican Peso remains on the defensive despite trimming earlier losses The USD/MXN uptrend remains in play despite the pair trimming some of its earlier gains. However, buyers need to reclaim the 20.50 psychological figure if they would like to re-test two-year highs of 20.80. In that outcome, and once that resistance level is cleared, the next stop would be 21.00. A breach of the latter will expose 22.00, followed by the November 26 swing high of 22.15.
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