The Mexican Peso has reached a new record low of USD 25.77 today due to concerns regarding impact of oil prices on the state-owned oil company Pemex and the spread of the coronavirus on the economy. President Lopez Obrador announced yesterday that the government will use the budget stabilization fund and funds from various trusts to combat the coronavirus pandemic and help the poorest citizens.
USDMXN has been trading in an upward trend since mid February. Today, after reaching new all time lows, the currency pair started a downward correction move, heading towards 24.679 support level. As long as the price sits above it, the continuation of an upward trend looks more probable. On the other hand, breaking below the above mentioned support may lead to a bigger downward correction. Source:xStation5
