The Mexican peso followed other risky currencies of emerging markets in decline today as wide-spread risk aversion made investors prefer safer options.
The Mexican peso hit the lowest level in almost a month today. The reason was basically the same as for the decline of other riskier currencies (like the Brazilian real) — the concerns over global economic slowdown and a potential interest rate hike from the Federal Reserve. The drop sparked speculations that the Mexican central bank will intervene to support the currency.
USD/MXN rose to 17.1185 to 17.1273 as of 22:45 GMT today after rallying 1.1 percent earlier.
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