USD/MXN unstoppable, eyes 16.50

FXStreet (Córdoba) – After consolidating during two days and making a modest correction, USD/MXN resumed the rally and jumped toward 16.50 after breaking above 16.35.

The pair hit a new all-time high at 16.485 during the American session and currently trades near the highs, up 1.08% for the day, ahead of the decision of the central bank of Mexico, that is expected to leave rates unchanged.

USD up for the day

The US dollar is rising across the board on Thursday, the day after the FOMC statement and after US GDP data, extending monthly gains. USD/MXN is up 4.45% over the last 30 days. Despite the figures, the Mexican peso has not been the worst performer in the region. The Colombian peso lost 8.50% and Brazil real 7%.

After consolidating during two days and making a modest correction, USD/MXN resumed the rally and jumped toward 16.50 after breaking above 16.35.

(Market News Provided by FXstreet)