FXStreet (Córdoba) – On a volatile day in the forex market, the Mexican peso is among the best performers after rising sharply during the American session.
USD/MXN climbed earlier to 17.33 hitting a new record high but then turned sharply to the downside, falling almost 3% from the top. Recently printed a new daily low at 16.84. It was trading at 16.86, down 1.45% for the day, headed toward the first daily loss in a week.
After a terrible start, Latin-American currencies managed to recover. The Brazilian real also reached a new record low versus the US dollar but then rebounded sharply: USD/BRL peaked at 4.24 and then dropped to 4.05. The Chilean peso, also showed the same behavior, USD/CLP hit a multi-year high at 709.75 and then retreated below 700.
Greenback remains strong in the region but today’s retreat could signal some USD exhaustion in the very short term.
(Market News Provided by FXstreet)