USD/MXN: Mexican Peso eyes biggest monthly decline since May 2008


  • The Mexican Peso is eyeing the biggest monthly loss since May 2008. 
  • Mexico has declared health emergency as the number of virus cases has crossed above 1,000.

Mexico's Peso (MXN) is on track to register its biggest monthly loss in over a decade.

The MXN is currently trading at 23.8141 per US dollar, representing a 21% decline from the opening rate of 15.5995 per dollar observed on March 3. The currency last witnessed over a 21 percent decline in May 2008.

The latest double-digit decline could be associated with the coronavirus outbreak across the globe and in Mexico and the resulting fears of a global recession. Further, the oil price decline added to MXN's woes. The black gold is currently reporting over 50 percent losses on a month-to-date basis.

Mexico declares emergency

Mexico's Peso could continue to lose ground in the near-term as the government has announced a health emergency in response to the number of coronavirus cases passing 1,000.

Health officials reported a total of 1,094 cases of coronavirus on Monday, up from 993 a day earlier and 28 deaths from the virus, up from 20, according to Reuters News.

Mexico has also extended a suspension of non-essential activities to April 30. That could cause a substantial decline in the activity across various sectors of the economy.

Technical levels

USD/MXN

Overview
Today last price 23.8141
Today Daily Change 0.0401
Today Daily Change % 0.17
Today daily open 23.7905
 
Trends
Daily SMA20 22.4003
Daily SMA50 20.2614
Daily SMA100 19.6849
Daily SMA200 19.5329
 
Levels
Previous Daily High 24.5599
Previous Daily Low 23.5003
Previous Weekly High 25.459
Previous Weekly Low 22.8617
Previous Monthly High 19.895
Previous Monthly Low 18.5151
Daily Fibonacci 38.2% 24.1551
Daily Fibonacci 61.8% 23.9051
Daily Pivot Point S1 23.3406
Daily Pivot Point S2 22.8907
Daily Pivot Point S3 22.2811
Daily Pivot Point R1 24.4001
Daily Pivot Point R2 25.0098
Daily Pivot Point R3 25.4597

 

 

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