The Mexican Peso briefly recovered on Thursday after the President of the Banxico warned she will prop up the Peso if volatility persists.
The recovery falters on Friday, however, as traders continue beating MXN lower following the outcome of the June elections.
USD/MXN appears to end its correction and resume its bullish trend.
The Mexican Peso (MXN) trades between half a percent and one percent lower in its most traded pairs on Friday as markets continue to fret about the proposed policies of Mexico’s newly elected left-wing government. The Peso is additionally pressured by a squeeze on overweight long positions that have built up after a multi-year period of appreciation for the Mexican currency.
At the time of writing, a single US Dollar (USD) buys 18.56 Mexican Pesos, EUR/MXN is trading at 19.87 and GBP/MXN at 23.63.
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