The Mexican Peso begins the week on the back foot, losing more than 1% in early trading on Monday amid risk aversion following an assassination attempt on former US President Donald Trump during a rally in Pennsylvania.
Mexican Peso drops more than 1% after Trump assassination attempt news shakes markets. US Dollar Index climbs to 104.18, reflecting increased demand for safe-haven assets. Banxico 's interest rate discussions in focus as political developments heighten market volatility. Therefore, the USD/MXN advances steadily and trades at 17.80after bouncing off last week’s lows of 17.60. Over the weekend, political developments in the United States grabbed the headlines.
Momentum remains bullish despite the fact that the exotic pair printed a leg-up, though short-term has shifted upwards. If USD/MXN continued to aim up, the next resistance would be the June 24 low turned resistance at 17.87, followed by the 18.00 figure. Further upside potential is seen above the July 5 high at 18.19, followed by the June 28 high of 18.59, allowing buyers to aim for the YTD high of 18.99. Conversely, if USD/MXN slumps below 17.
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