USD/MXN has reversed most of the early September gains. Economists at ING analyze the pair’s outlook.
MXN to find strong buying interest on dips
The Mexican Peso may be under pressure in September and October as Banxico unwinds its intervention forward book, but we expect it to find strong buying interest on dips.
A tough external environment could see the USD/MXN pair trade to 18.00 this month, but a good macro story favours 17 again soon.
See – USD/MXN: Defence of 16.60 can lead to a short-term bounce – SocGen
