The Mexican Peso (MXN) continues creeping lower in its most traded pairs on Tuesday as concerns mount that former US President Donald Trump could win the US presidential election in November and raise tariffs on Mexican imports.
The Mexican Peso depreciates as traders price in an ever-increasing risk of Donald Trump winning the US presidential elections. Such a victory would likely lead to higher tariffs on foreign imports, negatively impacting Mexico.
59 it will make a higher high and is likely to continue up to 18.68 , followed by 19.00 . A break above 19.00 would provide strong confirmation of a resumption of the short-and-intermediate term uptrends. A move below 18.06 , however, would suggest the short-term downtrend was resuming and probably see a continuation down to 17.87 . The direction of the long-term trend remains in doubt.
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