USD/MXN slides further below 20.00, to the lowest in a week

USD/MXN extends slide: down 3.4% from last week high.
Mexican peso strengthens amid US elections and despite crude oil slide.

Matías Salord FXStreet

The Mexican peso is rising for the fourth-day in-a-row against the US dollar. The recovery in Mexican assets after the sell-off of a week ago, some weakens seen in the US dollar during the last five days and the improvement in market sentiment favored the peso.

The USD/MXN traded yesterday above 20.10 and recently hit 19.72, the lowest level in a week. From the lows bounced to the upside, rising back to the 19.80 area, still lower for the day.

The peso was hit eight days ago after President-elect Andres Manuel Lopez Obrador canceled the construction of a new airport for Mexico City creating concerns among investors. The greenback jumped to 20.47 before turning to the downside. The correction continues to move on and now markets await the results of the US mid-term elections that are likely to have an impact on the greenback and also the Mexican peso. The results will start to hit the wires around 00:00 GMT.

USD/MXN Levels to watch

To the downside, the immediate support is seen at 19.65 followed by the 19.45 area and then 19.30. The main trend still points to the upside. In order for the pair to recover the bullish strength, it needs to break a short-term bearish trend line, currently at 19.95/20.00. Above, resistance levels might be located at 20.15 (Nov 5 high) and 20.30.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

EUR/USD gains traction to near 1.1800 as tariff uncertainty weighs on US Dollar

The EUR/USD pair holds positive ground around 1.1795 during the early Asian session on Tuesday. The US Dollar weakens against the Euro amid US tariff uncertainty. The release of the US January Producer Price Index report will be in the spotlight later on Friday.

GBP/USD treads water near 1.3500 as BoE-Fed divergence debate stalls

GBP/USD spent Monday spinning in place as market participants await a fresh catalyst to break the pair out of its recent range. The BoE's February hold came with a surprisingly dovish 5-4 split, and UK Consumer Price Index data last week showed inflation easing to 3.0%, reinforcing the case for earlier rate cuts, with most economists now looking to April or March for the next move.

Gold down but not out as key $5,140 support holds

Gold consolidates the advance to monthly top of $5,250 in Tuesday’s Asian trades. The US Dollar finds demand as liquidity returns and risk sentiment recovers, despite US tariffs uncertainty. Gold defends 61.8% Fibo resistance at $5,142 amid the pullback, daily RSI remains bullish.

Top Crypto Losers: BCH, HYPE, PUMP extend losses as Bitcoin drops below $64,000

Altcoins, including Bitcoin Cash, Hyperliquid, and Pump.fun, are leading losses over the last 24 hours as Bitcoin falls below $64,000 on Tuesday. The technical outlook for BCH, HYPE, and PUMP flags downside risk amid broader market selling.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

XRP recovers slightly as bearish sentiment dominates crypto market

Ripple is rising above $1.40 at the time of writing on Monday amid fresh tariff-triggered headwinds in the broader cryptocurrency market. The sell-off to $1.33, the token’s intraday low, can be attributed to macroeconomic uncertainty, geopolitical tensions and risk-averse sentiment among other factors.