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

 

 

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

Jeffrey Halley

Senior Market Analyst - Asia Pacific
With more than 30 years of FX experience – from spot/margin trading and NDFs through to currency options and futures – Jeffrey Halley is OANDA’s senior market analyst for Asia Pacific, responsible for providing timely and relevant macro analysis covering a wide range of asset classes. He has previously worked with leading institutions such as Saxo Capital Markets, DynexCorp Currency Portfolio Management, IG, IFX, Fimat Internationale Banque, HSBC and Barclays. A highly sought-after analyst, Jeffrey has appeared on a wide range of global news channels including Bloomberg, BBC, Reuters, CNBC, MSN, Sky TV, Channel News Asia and the New York Times. He was born in New Zealand and holds an MBA from the Cass Business School.
Jeffrey Halley
Jeffrey Halley

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