22nd May
The USD/MXN pair rose by more than 40 basis points as investors reacted to the falling crude oil prices and the weak retail sales. USD/MXN rises as crude oil price slides Mexico is one of the biggest crude oil producers in the world. The country produces more than 2.4 million barrels of oil every day, making it the 17th biggest oil producers in the world. Most of this oil – about 1.23 million barrels – is exported, bringing the valuable foreign exchange to the country. The energy sector also employs thousands of people in Mexico. Therefore, there is a close
-
The USD/MXN pair rose today as investors reacted to plunging crude oil prices.
-
Data from Mexico showed that retail sales contracted in March while inflation slowed in May.
-
Other oil currencies like the Canadian dollar and Mexican peso have also weakened.
