- Mexican peso continues to rise against the dollar, as do emerging currencies.
- USD / MXN breaks below September and October lows.
The USD / MXN has been trading around 20.70 for hours, confirming the break of the support zone of 20.80 / 85, which had slowed the falls in September and October. This implies the resumption of the downtrend and if it remains so it could go towards 20.00, with a possible stop at 20.30.
On Wednesday, the cross had closed below 21.00 and in Thursday’s European session it broke below 20.80 accelerating the decline. The USD / MXN fell to 20.65, the lowest level since March.
Among emerging currencies, the Mexican peso is not among those that have risen the most in recent days, but it is one of the few that is operating at maximums in months against the dollar. This indicates that although she is not the chosen one in these days of political tension in the US, in recent months she has been one of the strongest of the group.
The focus is still on the US elections where there is no definition yet. During these hours, data on more votes from Georgia are still being published and the Trump campaign will give an announcement from Las Vegas. The latest numbers continue to favor Biden, who is the favorite to win the presidency.
Completing the stage on Thursday, the Federal Reserve In the afternoon it will announce its monetary policy decision. No changes are expected but it is an event to take into account. Data released today showed a drop in jobless claims, but less than expected. On Friday it will be the turn of the official October employment report, with the non-farm payroll data and the unemployment rate.
Credits: Forex Street
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