The Mexican Peso recovers on Wednesday after the Mexican Finance Minister gives an interview seeking to calm investor fears.
Rogelio Ramírez de la O says the newly elected government will exercise fiscal discipline and encourage investment.
USD/MXN pulls back after becoming overbought and touching a major Moving Average in the weekly timeframe, but bulls still dominate.
The Mexican Peso (MXN) recovers by more than one percent in its most traded pairs on Wednesday, after the Mexican Finance Minister, Rogelio Ramírez de la O, steps in to prevent a further depreciation of the Peso following the 5.0% election-related decline on Monday and Tuesday.
Ramírez de la O emphasized that the newly elected government would exercise fiscal discipline and ensure the continued smooth flow of foreign and domestic investment. His remarks helped ease investor fears about the sweeping changes the left-leaning Claudia Sheinbaum administration might make given its predicted large majority.
USD/MXN is exchanging hands at 17.61 at the time of writing, EUR/MXN is trading at 19.15 and GBP/MXN at 22.50.
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