Tuesday, October 6, 2015

USD/MXN rebounds from 2-week lows

FXStreet (Córdoba) - USD/MXN moved with a downside bias during the European session and bottomed at 15.576 reaching the lowest level since September 21 amid risk appetite and a recovery in commodity prices.

The pair then rebounded as the US dollar gained momentum against European currencies. Price rose back above 16.70 and reached 16.754. It was trading at 16.742, around the same level it closed on Friday. Greenback is showing signs of stabilization but still trades with a bearish bias in the short term.

Banxico minutes

According to the minutes of the latest monetary policy meeting, the decision to leave the key interest rate unchanged at 3% was unanimous.

The document showed that Banxico officials see Mexico as the less affected economy among emerging markets of the recently volatility in financial markets. They expected the inflation rate to move toward the target ounce low oil prices and US dollar appreciation effects dissipates.
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