USD/MXN pair clocked a high of 18.56067 earlier today and it almost appeared for a moment that the pair would snap its two-day losing streak. This was seen during the first few minutes of the Presidential debate when Trump appeared restrained and solid.
However, Trump eventually dropped a bomb…by refusing to say he will accept the results of the election. This is unprecedented in US election history and hence markets believe Trump’s chances have dropped next to zero. Consequently, Mexican Peso, which feels the heat of Trump’s anti Mexico rhetoric, rallied.
The pair has a strong support of the rising around 18.4232 levels.