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.

Omkar Godbole FXStreet Contributor

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

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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