USD/MXN back above 24.00, up 10% over the week
- Mexican peso and Russian ruble, the worst performers of the week.
- USD/MXN drops to 23.50 on Friday but rebounds back above 24.00.
The USD/MXN is about to end the week with a 10% gain. On another volatile week for markets that remain on panic mode amid the coronavirus pandemic.
The Mexican peso attempted a correction on Friday but it failed to recover ground and during the American session weakened again. The USD/MXN found support at 23.50 and the started to consolidate between the low and 24.00.
After the White House announced US borders with Mexico and Canada would be closed to nonessential travel this weekend, the pair broke to the upside, hitting a fresh daily high at 24.39. As of writing, it was trading at 24.15, about to post the highest weekly close on record. A month ago, USD/MXN was trading at the lowest levels in almost two years.
The crash in financial markets boosted the greenback while the Mexican peso suffered most, amid the dramatic decline in crude oil prices and growth expectations.
Technical levels