Mexican Peso to $29 MXN per 1 USD by August 2020???

The Peso is currently in a sideways consolidation perhaps due to investors awaiting the outcome of Mexico's current monetary policies by the new administration. However, current trend points to an exchange rate of about $ 29 Mexican pesos to 1 US dollar by August of 2020. Could the president's new policies contribute to the country's economic decline? Only time will tell.

Comment:

The Mexican Governments continued streak of bad financial decisions have taken a toll on private investment, market confidence, PEMEX's huge losses, and the rise of civil discontent. Foreign investors are also losing confidence and as a result, the Peso is being sold leading to lower USD/MXN exchange rates (currently at 21 pesos per 1 USD).

Trade active:

The Bank of Mexico will probably step in to counter market manipulators as seen today. However, it may be too late to stop the peso's (MXN) downfall currently at $25 MXN per $1 USD. Time will tell.

Trade active:

A bulilsh flag has formed. If the 27.50 resistance is broken, we may see the $29 target easily reached and passed toward a new high of $32 pesos per 1 USD.

Comment:

The crude oil crash, along with declining GDP and a stronger USD will more than likely allow the peso to continue its trip to the $25 MXN per USD all time high.