USD/MXN jumps to 24.55, Mexican peso tumbles

• Mexican peso tumbles across the board on Monday, worst performer. 
• USD/MXN up by more than 4%, at highest since last Wednesday. 

The USD/MXN pair accelerated the move to the upside on Monday and jumped to 24.56, reaching the highest levels since last Wednesday. From the peak, it pulled back, and as of writing, it trades at 24.25/30, up 4.20% for the day. 

The Mexican peso is the worst performers among the most traded currencies. Latin American currencies are under pressure amid risk aversion; however, the decline of the Mexican peso is much more significant. 

The Mexican economic outlook is getting worse every day. Fears about the situation with the stated-owned Pemex (Petroleos Mexicanos) after a credit downgrade and amid another sell-off in crude oil prices, adds to the already weak economic environment. 

Mexican President Lopez Obrador shifted his tone on coronavirus, urging people to stay at home and warned of dire consequences. During Monday’s press conference he blamed “years of neoliberalism” for not having all the doctors and specialists. 

Technical levels