untitled design

USD / MXN plummets towards 20.00 amid optimism in markets due to vaccine news

  • Mexican peso among the highest climbers in the world on Monday.
  • USD / MXN falls for the fifth day in a row, and points to 20.00.

The USD / MXN fell for the fifth day in a row, having accelerated the decline in the last hour in the face of optimism that spread to all the world’s stock markets, boosting riskier assets. The origin was the Pfizer study for the coronavirus vaccine that indicated that it showed an effectiveness of 90%.

The Emerging market currencies were positively impacted and the Mexican peso was among the most favored. The main stock markets of the world are up around 4%, oil almost 10% and gold is collapsing. All of this reflected a great appetite for risk.

The possibility of an effective vaccine for the coronavirus increased in the last hour, which generated optimism and gave a new impetus to the fall of the USD / MXN. The price of the cross was around 20.35 and it broke firmly below 20.30 falling to 20.04, at this time, heading to have the lowest close since the beginning of March.

The bearish tone remains intact in the USD / MXN. Volatility in the markets is on the rise, but in line with the rises in stocks and risky assets. Below 20.00, the next support can be seen around 19.80.

.

Credits: Forex Street

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular