The Mexican Peso (MXN) makes marginal gains against key counterparts at the start of the new trading week amid the return of the risk appetite in the market.
The Mexican Peso is edging higher in key pairs, extending its three-day rally. Fears the US economy is entering a recession caused market turmoil last week, but these are subsiding, helping MXN. From a technical perspective, USD/MXN is correcting within a broadly uptrending market. The Mexican Peso makes marginal gains against key counterparts at the start of the new trading week amid the return of the risk appetite in the market.
That said, analysts believe demand for the Mexican Peso may be declining overall due to reduced carry-trade flows. The MXN has benefited from demand from carry traders using Yen-funded loans to purchase Pesos because of the high interest rates offered in Mexico. However, this could be less of a factor going forward.
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