Crude Oil Affects Mexican Peso Rate
A decline in crude oil rates forced down a basket of currencies which are originally from oil exporter countries, which is the case for the Mexican peso, continuing a losing streak versus the U.S. dollar that started as risk aversion emerged this week.
Emergent market currencies like the South African rand, Mexican peso and the Brazilian dollar are having a rather negative performance this week as demand for commodities dropped worldwide, affecting mainly the peso, since Mexico is the main destination for the Latin American oil production.
USD/MXN closed this Wednesday at 13.325 from an opening rate of 13.235.
If you want to comment on the Mexican peso’s recent action or have any questions regarding this currency, please, feel free to reply below.
