- The Mexican Peso could recover to the 17.00s according to analysts, as election risk eases.
- Mexico’s high interest rates are likely to be the driver as they draw foreign investors seeking returns.
- USD/MXN continues pulling back in the midst of a short and medium-term uptrend.
The Mexican Peso (MXN) trades within a tight range on Wednesday as market calm descends and the post-election volatility, which saw the Peso sell-off by over 10% in its key pairs, eases.
Several market analysts are now saying the Mexican Peso will drift higher as firm fundamentals and a carry-trade advantage counteract the damage caused by the recent politically-driven volatility.
At the time of writing, a single US Dollar (USD) buys 18.42 Mexican Pesos, EUR/MXN is trading at 19.77 and GBP/MXN at 23.44.
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