- The dollar is weakening on all fronts weakening the USD / MXN.
- The US presidential elections began.
USD / MXN is falling on Tuesday and is trading around 21.15, in negative territory despite the rebound from lows. The price fell to 21.01, the lowest level since October 28 before rebounding. The bias remains bearish, with volatility on the rise.
The fall of the cross is being guided by a pullback of the dollar in the market. Stock markets in the world are rising what is playing against the dollar and the yen. Wall Street futures point to a positive open with gains on average of 0.85%.
In general, pessimism about a indefinite electoral result in the USA If there is a clear winner, this would be positively perceived by the operators.
In the foreign exchange market, emerging currencies are the ones that are rising the most with the exception of the lira ture which is plummeting to new all-time lows with the USD/TRY cerca de 8.50. The crisis in the Turkish lira has not yet affected emerging markets so far this week.
It is expected that the volatility in financial markets is trending upward pending election results, which beyond what they show will imply an increase in the volume of operations. Whoever wins is not expected to have an impact on the MXN per se, but the currency will be affected by overall market sentiment, negatively affected by a drop and positively affected by a rise.
Credits: Forex Street
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