FXStreet (Córdoba) – USD/MXN dropped more than 1% on Tuesday making an important pullback after rising yesterday above 17.00. The pair moved all day with a bearish bias and bottomed during the US session at 16.75.
The area around 16.75 is an important support that capped the downside last Thursday, below the next support is located at last week lows at 16.60. To the upside 17.00 remains important.
Currently it trades at 16.78, down 1.14% for the day, about to post the lowest daily close since the beginning of the current month.
MXN, the best among Latam currencies
On Tuesday, the Mexican peso outperformed other Latin-American currencies. It was a positive day for the region and also for commodity currencies. The recovery of copper and crude prices, and risk appetite boosted the demand for riskier currencies.
The Shout African rand (ZAR) and the Russian ruble (RUB) were the best performers, rising against the US dollar 1.85% and 1.75% respectively.
(Market News Provided by FXstreet)