FXStreet (Edinburgh) – Cristian Maggio, Strategist at TD Securities, sees the bearish outlook for the Mexican currency intact.
“In Mexico, President Peña Nieto announced a cabinet reshuffle yesterday, with the intention of strengthening government performance in the second half of his term”.
“We haven’t seen a great deal action on the heels of the announcement, although the MXN has been strengthening through North America’s session today”.
“But USDMXN getting away from the psychological 17.00 level is likely to reflect the sharp rebound in oil prices over the past two days”.
“We continue to see the peso undervalued, but remain concerned that any reversal in oil prices or sentiment would likely see the MXN as a first casualty”.
Cristian Maggio, Strategist at TD Securities, sees the bearish outlook for the Mexican currency intact…
(Market News Provided by FXstreet)