FxWirePro: MXN at record lows against USD and EUR, volatile crude prices weigh
Sharp drop in crude prices since last June are likely to dampen prospects of foreign direct investment in Mexico's newly opened oil fields. The peso has slumped nearly 10 percent so far this year, prompting the central b…
Sharp drop in crude prices since last June are likely to dampen prospects of foreign direct investment in Mexico's newly opened oil fields.
The peso has slumped nearly 10 percent so far this year, prompting the central bank to intervene to limit volatility.
The peso is extending declines, dragged down by volatile crude prices which fell as low as $27.39 a barrel on Wednesday as worries about a global supply glut overshadowed data showing a surprise drop in U.S. stockpiles.
MXN failed to benefit from Yellen's comments which eased concerns about the U.S. economy, Mexico's biggest export market.
Technicals point to further upside, USD/MXN was trading at 18.95, while EUR/MXN was at 21.38 at the time of writing at 0800 GMT.
