The Mexican Peso has staged a dramatic nearly 2% rally in the last hour as the Presidential Debate concludes.
Maybe the Mexicans know something we don’t? I shall not speculate on whether Clinton won or was Trumped, but clearly, the highest beta currency to a Trump victory thinks she did!
The MXN had been trading at record lows to the USD at around 19.9300 as the debate got under way. In the space of the last hour, it has dropped to 19.5070 for a gain of nearly 2%. There is no other news out other then I guess no news is good news. And I am interpreting that as Secretary Clinton didn’t make a complete hash of her side of the debate and remains on track to win the election according to polls.
USD/MXN has smashed through the 100 and 200 hour moving averages at 19.7440 and 19.6300 respectively. Support is right here on the hourly charts at 19.50000 area. I do note however that the RSI is now very oversold.
Next support is 19.4600.