USD/MXN back to 17.00

By FXStreet FXStreet (Córdoba) – The Mexican peso weakened during the second half of the day as crude oil prices dropped below $45. USD/MXN is hovering around 17.00, trading at the highest level in a week.

USD/MXN resumes the upside

Last week the pair finished modestly higher, but it traded all week in consolidation mode, after correcting lower from all-time highs at 17.30 (August 26 high) to 16.65 (August 31 low).

Today moved most of the day with an upside bias and climbed further after breaking above 16.98. It peaked at 17.02 and then pulled back modestly.

Among EM currencies, the Russian ruble (RUB) was the worst performer on Monday, it fell 1% against the US dollar while the South African rand (ZAR) is also among the weakest. Price action was limited on Monday in the currency market affected by US holiday with the pound outperforming.
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Source:: FX Street