- Mexican peso among the best performing currencies on Friday.
- USD / MXN on the way to having the first weekly profit in a month.
USD / MXN is dropping modestly on Friday, cutting weekly gains. The price reached 21.49 hours ago, the highest level in two weeks, but then it changed the trend and fell to 21.18. It is trading around 21.25, in negative territory for the day.
The decline in the USD / MXN on Friday has to do with the strength of the Mexican peso, which is among the highest in the market, but not so considerable. In a context where emerging market currencies are under some pressure, the performance of the peso is remarkable.
In regards to the week, the USD / MXN is validating weekly gains, ending with a streak of four consecutive falls. The advance occurs in the run-up to the US elections and due to a prevailing climate of risk aversion in the stock markets due to fears of the impacts in Europe and the US of the increase in cases of coronavirus.
With regard to economic data, on Friday there was a rise greater than expected in September in US personal income and spending and an increase in the consumer confidence index from the University of Michigan.
In Mexico, the last key data was the GDP growth, which was in line with expectations. The economy grew 12% in the third quarter. Industry was the engine of the recovery. Compared to a year ago, the GDP registered a contraction of 8.6%.
Credits: Forex Street
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