The Mexican Peso is edging higher in key pairs, extending its three-day rally.
Fears the US economy is entering a recession caused market turmoil last week, but these are subsiding, helping MXN.
From a technical perspective, USD/MXN is correcting within a broadly uptrending market.
The Mexican Peso (MXN) makes marginal gains against key counterparts at the start of the new trading week amid the return of the risk appetite in the market.
Asian markets rose after being handed the baton from Wall Street’s rebound on Friday. The recovery stops the dramatic sell-off last week, sparked by fears of a recession in the US. These fears appear to be ebbing – a factor that is supporting the Peso.
At the time of writing, one US Dollar (USD) buys 18.81 Mexican Pesos, EUR/MXN trades at 20.54, and GBP/MXN at 24.00.
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