USD/MXN rises to highest in 16 months as pressure holds on EM
- Mexican peso drops to lowest since February 2017 against US Dollar affected by EM tensions and NAFTA concerns.
- Mexico: Today is the third and last presidential debate.
The Mexican peso dropped on Tuesday against the US Dollar as tensions remain firm on Emerging Markets. The USD/MXN broke above 20.65 during the US session and climbed to 20.72 for the first time since February 2017. The pair was holding near the highs, consolidating daily gains.
After making a correction on Friday, the pair resumed the upside. The chart continues to point to the upside. Immediate resistance levels might be seen at 20.70, followed by 20.80 and 21.00. On the flip side, support levels might now be seen at 20.65, 20.55 and 20.25.
The Mexican peso failed to avoid the negative tone around EM amid NAFTA negotiations concerns and ahead of the July 1 presidential elections. Today in Mexico, the third and last presidential debate will take place.
Pressure persists
The US Dollar hit a record highs versus the Argentinean peso before pulling back amid intervention by the central bank. Against the Turkish Lira, the greenback approached record highs with USD/TRY near 4.60.
The South African