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.
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