- The Mexican Peso trades in a tight range on Tuesday as the currency recovers from the post-election sell-off.
- President-elect Claudia Sheinbaum seeks to calm markets with positive messages about the economy and the popularity of reforms.
- USD/MXN continues pulling back in the midst of a short and medium-term uptrend.
The Mexican Peso (MXN) fluctuates within a range on Tuesday as the sell-off after the elections, which saw the currency lose on average 10% against its key counterparts, runs out of steam.
Market risk appetite remains solid after US stock indexes reached new all-time highs on Monday led by a rally in tech, and Asian investors carried the baton through into their session. The risk-on tone provides a constructive backdrop for the Peso, which tends to perform better when investors have more appetite for risk.
At the time of writing, a single US Dollar (USD) buys 18.53 Mexican Pesos, EUR/MXN is trading at 19.88 and GBP/MXN at 23.52.
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