- Strong advance in emerging market currencies, led by the Turkish lira.
- USD / MXN erases weekly gains and the dollar is weakened.
USD / MXN is falling on Friday amid a general decline in the dollar. The greenback had been correcting downward after several sessions with rises and it accelerated after the US employment data. The price is at 20.14, the low of the day, after having operated hours ago above 20.40.
The emerging market currencies are rising significantly against the dollar on Friday. The one that advances the most is the Turkish lira. The move has to do with a dollar correction. On Wall Street stocks are up although they have moved away from the highs. Despite the fact that stocks lose some strength, the dollar remains in the minimum zone.
The dollar index is falling significantly and is approaching 91.00. The decline accelerated after learning that non-farm payrolls in January increased by just 49,000 jobs. While the figure was close to the market consensus, the labor market data released this week augured for a great positive surprise that was not seen.
Equity markets also remain firm, supported by the advance of vaccination worldwide, the expectation of more stimuli in the US and corporate results. This also helps the demand for emerging currencies.
From a technical point of view, the USD / MXN lost upward strength, although to give a greater relief to the Mexican peso, the price should consolidate below 20.00 / 05. To the upside, a close above 20.50 would point to more rises. This scenario is not favored on Friday, where it seems that consolidation will continue around 20.30.
Technical levels
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