The Mexican Peso, indicated by #USDMXN at a rate of 17.0706, experiences a drop in value in response to negative signals from the options market, causing it to end a two-day upward trend just below the 17.10 mark.
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USD/MXN prods a two-day winning streak during early Tuesday’s sluggish trading hours, making rounds to 17.05–10 of late. In doing so, the Mexican Peso (MXN) pair takes clues from the options market signals even as the US Dollar struggles to defend the week-start gains.
That said, the one-month Risk Reversal (RR) of the USD/MXN pair, a measure of the spread between call and put prices, rose to 0.035 by the end of Monday’s North American trading session versus -0.0003 prior.
In doing so, the options market figures renew the hopes of witnessing a corrective bounce in the USD/MXN price. It should be noted that the options market gauge dropped in the last three consecutive weeks, up near 0.035 at the latest, which in turn suggests the Mexican Peso seller’s dominance.
Elsewhere, the US Dollar Index (DXY) stays defensive around 102.00 after beginning the week’s trading on a front foot while consolidating Friday’s Nonfarm Payrolls (NFP) inflicted losses.
Also read: USD/MXN edges high following last week’s mixed US NFP, traders eye US CPI
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