USDMXN Turns Lower Following Meteoric Rise of 38% from 2020 Lows

USDMXN is finally paring some of its gains after its meteoric rise. In February, the currency pair had been trading around 18.4970. Within 16 days, it traded to its record highs at 25.4459. This translates to a 38% appreciation.

What caused the Mexican peso to devalue by this much?

USDMXN, Daily Chart


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