USD/MXN: Mexican Peso eyes record low on oil sell-off, ignores President’s economic plan

Mexico’s President Andres Manuel Lopez Obrador pledged on Sunday that his government will roll out measures to fight the economic impact of the coronavirus outbreak but he warned the stimulus plan would call for massive borrowing.

Mr. President said over the weekend that he will put forward an “unorthodox” plan and would try to do “all that is possible” to prevent Mexico from piling on debt.

USD/MXN reaction

The Mexican Peso remains thwarted by the fresh slump in oil prices, as the economic stimulus plan fails to offer any respite to the local currency.

USD/MXN, currently, trades at 25.25, up 1.18% on the day, heading towards a record high reached two-week ago at 25.44.

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