USDMXN Turn Lower Brings Key Support into Consideration
Enter your emailWhile Mexico is not a member of OPEC, the oil cartel has been making it known that it is considering a reduction in production. has continued a near term downward trend and is within an important psychological price range as technical and fundamental considerations collide.
. While Mexico is not a member of OPEC, the oil cartel has been making it known that it is considering a reduction in production. This open whispering by OPEC has helped send the price of Crude Oil up to almost 84.00 USD per barrel as of this morning. This helps Mexico regarding the value of its own Crude Oil exports.Now that the USD/MXN is trading below the 20.00000 mark, traders have new considerations. The USD/MXN has traded lower in the recent past.
Traders should monitor news regarding Crude Oil production from OPEC and the official announcement will create volatility.
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