Mexican Peso Scales Back After Hitting Record Low on Trump Win
The Mexican Peso pared earlier losses after having plunged as much as 13% on Wednesday, swept sharply lower by Donald Trump’s surprise victory in the U.S. presidential election.
The Republican Party nominee upended market expectations which had called for a White House win for Clinton, as the candidate promised more stability and continuity to the financial market.
The pair USDMXN rose to the record high at 20.769 peso per dollar amidst fears that Trump, who will become the 45th president of the United States, will renegotiate or even end free-trade agreements with countries including Mexico.
At the time of publication, the pair has dropped back below the 20.000 threshold and may find support at 19.500.
Sell Stop at 19.900, take profit at 19.500, stop loss at 20.100