- The dollar soars on almost all fronts before the Russian invasion of Ukraine.
- Mexican peso can not withstand the pressure and falls to a minimum in two weeks.
- Mexico: inflation rises more than expected in the first half of February.
USD/MXN is rising dramatically on Thursday, climbing nearly 2%, the biggest daily gain in months. The dollar hit 20.60, the highest in two weeks. The bullish tone remains intact.
The greenback is rising across the market dramatically. The advance occurs as a result of the collapse in the markets, in the face of the panic generated by the Russian invasion of Ukraine.
The foregoing generated a rise in the price of raw materials, highlighting that of oil, with the futures of the WTI reaching $100. This however did not stop the appreciation of the dollar against emerging markets.
The US economic data (jobless claims and GDP report for the fourth quarter) were better than expected, but had no impact on the market that is focused on what happens with Russia / Ukraine and the response of the rest of the world.
On Mexico it was known that inflation in the middle of the month of February climbed more than expected. The rate increased 0.42% from 0.38%. Compared to a year ago, the rise was 7.22%, the second highest since the second half of December.
Technical levels
Source: Fx Street
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