The Mexican Peso trims some of its earlier losses held during the Asian session on Monday, with the emerging market currency depreciating almost 6% to a yearly low of 20.22.
Mexican Peso recovers from yearly low, trades at 19.57, still down over 2%. Safe-haven demand for Yen and Franc amid turmoil impacts emerging market currencies. Wall Street indices' losses heighten financial market stress, affecting USD/MXN volatility. Upcoming Mexico data: Auto Exports , Inflation, Banxico decision . The USD/MXN is trading back below the 20.00 figure, but still the Peso is down over 1%, exchanging hands at 19.32.
However, once the RSI dives below 70, buyers could re-enter and lift the pair higher. If USD/MXN achieves a daily close above the August 2 high of 19.22, that will expose the 19.50 psychological figure. A further upside is seen above that level, at 20.00, followed by the current year-to-date peak at 19.22. Conversely, if the pair drops below 19.22, the USD/MXN will be poised to challenge the 19.00 psychological figure.
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