Mexico's National Seismological Institue announced that a 7.1 magnitude earthquake hit the southern state of Oaxaca.
Meanwhile, the United States Geological Survey (USGS) reported that the earthquake had a magnitude of 7.7, as reported by Reuters.
Reportedly, the earthquake strongly shook buildings in Mexico City and hundreds of people fled into the streets. There are no initial reports of injuries or fatalities.
Market reaction
With the initial market reaction, the USD/MXN pair spiked to a session high of 22.4990. As of writing, the pair was down 0.32% on the day at 22.4145.
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