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US DOLLAR / MEXICAN PESO Trading
The USD/MXN is an exotic pair. The Mexican peso is οne οf the mοst heavily traded. The USA and Mexico tied bοnds as trade partners are due tο the fact they are neighbοurs. Nevertheless, Mexican Peso and its high yielding nature make it ideal fοr carry trading currencies.
History of USD MXN Trading
The USD dates back to 1792 when the United States Cοngress created the US dollar as the οfficial country’s currency. It serves as legal tender in many cοuntries, and it is the mοst widely used currency in the wοrld, both in circulation and reserve. The US dollar forms the majors as it pairs with all main currencies in the foreign exchange market (forex).
The Mexican peso was initially based on Spain’s official currency known as “real”. In 1863 the first coins were issued, denominated in centavos and worth one-hundredth of the peso. They remained in circulation until the 20th century, but their content of gold was reduced substantially over time. In the 1980s, after a period of hyperinflation and devaluation, the government of Mexico created a new peso. Today the Mexican peso is the 15th most traded currency globally and the most traded in Latin America.
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USD/MXN Trading FAQs
When Is the Best Time to Trade USD/MXN?
When Is the Best Time to Trade USD/MXN?
While forex pairs can theoretically be traded 24 hours a day, there are optimum times to trade the USD/MXN whenever the currency pair is more volatile. From 08:30 to 10:00 GMT., the USD/MXN is usually busy (GMT).
What affects USD/MXN investing?
What affects USD/MXN investing?
Many factors can affect the USD/MXN market sentiment and spot rates, such as central banks policies, the price of commodities in each country, exports of both countries, economic growth, and political stability.
Why Is the USD/MXN Currency Pair Significant to Traders?
Why Is the USD/MXN Currency
Pair Significant to Traders?
As the USD/MXN currency pair is the 9th most traded on the international forex market, it provides a high level of liquidity. From the 1980s, and then when Mexico faced deep economic transformation leading to the peso, it became a higher-yielding currency creating enticing opportunities for achieving returns during times of economic stability and uplift.
Mexico and the USA enjoy close trade and economic relations due to the signing of the North America Free Trade Agreement in 1994 that eliminated all tariffs between the two countries. The exports of Mexico to the USA reached 80% as of 2017, making Mexico the USA’s 2nd largest export market.
Where Can I Find a Trusted Forex Broker to Trade USD/MXN?
Where Can I Find a Trusted
Forex Broker to Trade USD/MXN?
As you may already know, trading via CFDs (contracts for difference) is one of the most popular approaches when dealing with currencies such as USD and MXN. While there are numerous Forex brokers out there. Try to find one that suits your needs. Such as FP Markets, a fully regulated broker that offers all types of platforms and accounts, to suit every need.