Mexican Peso rallies 2% as debate rages.

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.

Mexican Peso



Jeffrey Halley
Based in Singapore, Jeffrey has over 25 years experience in the financial markets, having traded currencies, options, precious metals and futures. Jeffrey started his career at Barclays Bank in New Zealand. However he has spent most of it in London and Asia.Jeffrey focuses on the Asia time zone across asset classes. A regular commentator on business news TV and Radio, he is originally from New Zealand and holds an MBA from Cass Business School, London.