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- USD/MXN Price News: Mexican Peso recovers from 16.90 despite downbeat options market signals
USD/MXN Price News: Mexican Peso recovers from 16.90 despite downbeat options market signals
USD/MXN takes offers to refresh the intraday low near 16.83 as it prints the first daily loss in three while reversing from the weekly high on early Wednesday.
In doing so, the Mexican Peso ignores upside options market signals while justifying the US Dollar’s struggle to defend the previous gains amid the US credit rating downgrade.
Also read: Fitch downgrades US government’s AAA credit rating to AA+, US Dollar retreats
That said, the one-month Risk Reversal (RR) of the USD/MXN pair, a measure of the spread between call and put prices, rose in the last two consecutive days to 0.025 by the end of Tuesday’s North American trading session.
In doing so, the options market figures challenge the latest pullback of the USD/MXN price. It should be noted that the options market gauge prints a three-week winning streak with the latest figures of 0.034.
Given the upside options market bias and the risk-off mood, the USD/MXN pair may recover soon. However, the risk catalysts and the US ADP Employment Change for July, expected 189K versus 497K prior, will be important to watch for clear directions.
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