USD / MXN rises above 19.70, maintains a bearish bias and weekly losses

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  • Mexican peso, Turkish lira and Russian item, the best performing currencies so far this week.
  • USD / MXN heading to the lowest weekly close since February 2020.

The USD / MXN is rising on Friday and is trading at highs for the day at 19.73, driven by a recovery in the dollar in the markets, after the swings on Thursday. Anyway, the Mexican peso is still holding onto a weekly gain, which would lead the crossing to have the lowest closing in this season since February 2020.

The pThat Mexican, along with the Russian ruble and the Turkish lira, is among the top performing currencies these days. In Mexico, the electoral result of last Sunday and the changes in the cabinet of President Andrés Manuel López Obrador, were not frowned upon.

The ruling party maintained the majority in the Chamber of Deputies but did not reach the qualified majority, which would have facilitated stronger reforms. In turn, AMLO nominated the current Secretary of the Treasury, Arturo Herrera, as governor of the Bank of Mexico. Although Herrera is close to AMLO, he showed signs of being pragmatic, professional and understanding the rationality of the markets.

From a technical point of view, USD / MXN first affirmed below 20.00 and then 19.80 enabling further lows. Now it is rebounding, having fallen to 19.59. If it spreads over 19.85, the Mexican peso would lose strength. While below 19.70, the target is at 19.50 / 55.

Technical levels

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