Mexican Peso Posts Huge Rally As 3rd Presidential Debate Ends.

Mexican Peso stages an impressive rally as the Presidential Debates comes to an end.

The Mexican Peso is probably the highest beta currency to the US Presidential Elections. Being sold aggressively through the primaries and the start of the campaign as Trump’s anti-NAFTA rhetoric weighed upon it, laterally rallying as The Donald’s ability to shoot himself in the foot, and inability to move the polling needle saw sighs of relief south of the United States border.

This morning’s 3rd debate was probably his best showing so far, but the move in USD/MXN lower implies the market thinks he has done nowhere near enough.

USD/MXN in the last 45 minutes has plunged from 18.5600 to 18.4600 easily breaking the  18.5000 psychological support level.

USDMXN15

In the bigger picture, the next support level on the daily charts is in the  18.2500 regions. Although November 8th is still a fair way away, the Mexican Peso’s rally this morning implies the market thinks the result in no longer in doubt.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

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.
Jeffrey Halley

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