USD/MXN retreats after 6-day rally

FXStreet (Córdoba) - The Mexican peso rose for the first time in a week against the US dollar and retreated after falling to the lowest level in four weeks yesterday.

Greenback dropped across the board and pushed USD/MXN to the downside. The pair peaked yesterday at 15.535 and finished below 15.500. Today price action remained steady during the Asian session and on European horus turned to the downside, accelerating after the release of US economic reports.

Price bottomed at 15.382 and then rebounded. Near the end of the American session it was trading at 15.425. The Mexican currency was having the best performance since May 15 against the US dollar.

Tomorrow important employment data from the US will be released with the ADP report while on Thursday Banxico will announce its decision on interest rates.