24 Aug 2015
USD/MXN breaks above 17.00, eases after Banxico extraordinary auction
FXStreet (Córdoba) - The Mexican peso continued to slide against the US dollar on Monday pushing USD/MXN above 17.00 for the first time ever. The pair climbed initially to 17.15 and then, amid a global sell-off of equities peaked at 17.25. Pulled back afterwards but remained above 17.00.
Currently it trades around 17.09 as volatility stabilizes in the currency market. Greenback is rising against all Latin-American currencies and particularly against the Brazilian real and the Colombian peso. USD/BRL is up 1.60% and reached at 3.579 the highest level since 2003 while USD/COP gains 1.45% and holds above 3100.
The Mexican peso recovered after the Bank of Mexico sold an extra 200 million dollars. The intervention was triggered after the USD/MXN rose more than 1%, activating a second dollar auction.
Currently it trades around 17.09 as volatility stabilizes in the currency market. Greenback is rising against all Latin-American currencies and particularly against the Brazilian real and the Colombian peso. USD/BRL is up 1.60% and reached at 3.579 the highest level since 2003 while USD/COP gains 1.45% and holds above 3100.
The Mexican peso recovered after the Bank of Mexico sold an extra 200 million dollars. The intervention was triggered after the USD/MXN rose more than 1%, activating a second dollar auction.