The Mexican Peso firmed against the U.S. dollar in the Asian session on Monday, as the U.S. and Mexico have reached a migration deal to avert the implementation of President Donald Trump’s threatened tariffs set to begin today.
The Peso climbed to a 10-day high of 19.14 against the greenback, up by 2.4 percent from last week’s closing value of 19.62. If the Peso rises further, 18.00 is possibly seen as its next resistance level.
Trump announced on Friday that the U.S. tariffs scheduled to be implemented against Mexico on Monday will be halted as Mexico agreed to enhance immigration enforcement.
Mexico “has agreed to take strong measures to stem the tide of migration through Mexico, and to our southern border. This is being done to greatly reduce, or eliminate, illegal immigration coming from Mexico and into the United States,” Trump said.
The material has been provided by InstaForex Company – www.instaforex.com