The Mexican Peso (MXN) fluctuates within a range on Tuesday as the sell-off after the elections, which saw the currency lose on average 10% against its key counterparts, runs out of steam.
The Mexican Peso trades in a tight range on Tuesday as the currency recovers from the post-election sell-off. President-elect Claudia Sheinbaum seeks to calm markets with positive messages about the economy and the popularity of reforms. USD/MXN continues pulling back in the midst of a short and medium-term uptrend. The Mexican Peso fluctuates within a range on Tuesday as the sell-off after the elections, which saw the currency lose on average 10% against its key counterparts, runs out of steam.
The Relative Strength Index has just exited the overbought zone, however, further suggesting a risk the correction could still go deeper. That said, the established uptrend is likely to resume eventually. The short and medium term trends are now firmly bullish. The direction of the long-term trend, however, is in doubt after the break above the October 2023 high. Previous to that, it was bearish.
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