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Mexican peso set for worst month since August 2024 as USD/MXN nears 18

Societe Generale notes USD/MXN is trading above 17.00, having reclaimed its 200-day moving average, with losses nearing 5% versus the dollar.

Reported · Written up by our desk · Major Pairs

Societe Generale’s Latam strategy says the Mexican peso (MXN) is on track for its worst month since August 2024, with the currency down nearly 5% versus the dollar as higher US yields weigh on risk sentiment, according to FXStreet.

FXStreet reports that USD/MXN has broken above 17.00 and reclaimed its 200-day moving average, moving toward the bank’s revised year-end forecast at 18.00.

The note also anticipates consolidation around the 18.00 psychological level as the pair continues to trade near that zone, according to FXStreet’s summary of the strategy view.

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