Mexican Peso Trades Sharply Higher After Trade Starts

The Mexican peso traded sharply higher today after Monday’s trade started. The currency gained on the news that the United States and Mexico managed to reach a deal that will allow to avoid a tariff war.
Previously, the peso was extremely weak after US President Donald Trump dropped a bomb on markets, announcing that he is planning to implement tariffs on Mexican goods unless Mexico takes measures to curb illegal migration. But news on the weekend came out that the two neighboring countries and trade partners managed to reach a deal. Markets rejoiced, and that was clearly positive for the Mexican currency.
USD/MXN traded at about 19.2640 as of 12:22 GMT today and reached the intraday low of 19.1345 after closing at 19.6166 on Friday.

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