As we all know, the EURO is the official currency of most of the countries, which are members of the Eurozone. The exchange rate depends on the banking sector statement or the resolutions of the European Central Bank regarding the interest rate. Great news feeds are announced from 6 weeks to eight times per year.
Considering the impressive intervals between media, dumps defines the liquidity and stability of the currency. Most of the time euro is chosen as a pair for cross trading when the dollar is weak.
Mexican currency, officially named a Mexican Peso, is positioned eighth in the world in terms of liquidity and is not the rival for the USD, EUR, JPY or GBP. However, traders play with pesos only through pairs and their comparative value. The EUR/MXN is considered one of them.
Over the last years, peso made a jump from the stable currency of one of the developing countries to the international financial tool. It happened because traders caught their attention on the forthcoming of the Latin America market, where peso is the liquid asset.
The EUR/MXN is usually traded from Sunday evening to Friday evening in the USA and gives the possibility for a significant profit. Nevertheless, the situation changes every 24-hour cycle, the volume, as well as volatility, can be strongly affected. The main advantage is that traders can open and close positions at any preferred time.
Mexico is the ninth more massive oil producer; obviously that it is bound to natural resources. At the same time, peso presents a close connection with other currencies: BRL (Brazilian Real) and COP (Colombian peso).
The main factor that can influence the exchange rate of EUR/MXN is the weekly report of US oil reserves at 10:30 am EST on Wednesday.
Notwithstanding, traders’ decisions should depend on the information of the commodity markets because the National Bank of Mexico gets together eight times per year to discuss the upcoming updates of the monetary policy and announce them through press releases.
As a rule, such a meeting is assigned 24 or 72 hours after the US Federal Reserve released its final decisions, underlining the interconnection of the two countries. Traders need to be very attentive during working hours, as policy updates can occur at any minute.
As a concern, Mexico’s economic data is usually released at 9:00 am or 10:30 am EST. The most crucial time for trading the EUR/MXN pair is 30 or 60 minutes before and 1 or 3 hours later, because it crosses over the starting trading day in the USA, engaging a more significant amount of traders from the whole world.
The same data occurs for the EU as well, but for Eurozone time. In the USA, it is nighttime. Thus the second wave of trading hits from 8 pm to 4 am GMT.
However, if you do not have enough experience in trading platforms, do not choose EUR/MXN as the financial instrument. It can be extremely profitable only after performing the analysis of economic data. The Latin market is still unpredictable, and it requires experience and skills to understand it and make quick steps.
|AUD/CAD||Course Australian Dollar to Canadian Dollar||3.8||0.95758|
|AUD/CHF||Course Australian Dollar to Swiss Franc||3.7||0.66329|
|AUD/JPY||Course Australian Dollar to Japanese Yen||29.8||77.439|
|AUD/NZD||Course Australian Dollar to New Zealand Dollar||3.2||1.04841|
|AUD/USD||Course Australian Dollar to US Dollar||2.7||0.74127|
|CAD/CHF||Course Canadian dollar to Swiss franc||3.9||0.69255|
|CAD/JPY||Course Canadian dollar to Japanese yen||3||80.852|
|CHF/JPY||Course Swiss Franc to Japanese Yen||4||116.723|
|EUR/AUD||Course Euro to Australian Dollar||3.3||1.63355|
|EUR/CAD||Course Euro to Canadian Dollar||3.4||1.56451|
|EUR/CHF||Course Euro to Swiss Franc||3||1.08371|
|EUR/DKK||Course Euro to Danish Krone||5.2||7.44466|
|EUR/GBP||Course Euro to British Pound||2.8||0.90589|
|EUR/JPY||Course Euro to Japanese Yen||3.4||126.521|
|EUR/MXN||Course Euro to Mexican Peso||37||24.2192|
|EUR/NOK||Course Euro to Norwegian Krone||40||10.6536|
|EUR/NZD||Course Euro to New Zealand Dollar||7||1.71284|
|EUR/PLN||Course Euro to Polish Zloty||25||4.47478|
|EUR/RUB||Course Euro to Ruble||73.3||90.8434|
|EUR/SEK||Course Euro to Swedish Krona||37||10.2542|
|EUR/TRY||Course Euro to Turkish Lira||12.5||9.50522|
|EUR/USD||Course Euro to US Dollar||2.5||1.21114|
|EUR/ZAR||Course Euro to South African Rand||5.5||18.5126|
|GBP/AUD||Course British Pound to Australian Dollar||5.9||1.80297|
|GBP/CAD||Course British Pound to Canadian Dollar||6.8||1.72671|