EURMXN is a cross-rate pair in which the base currency is the euro, and the quote currency is the Mexican peso. The pair is quite rare and has a high level of volatility.
The single euro currency is used throughout the European Union, which includes countries with different levels of economic development. When conducting a fundamental analysis of the currency, the economic indicators of Germany, France, Italy and Spain should be considered first as having the most weight in the eurozone economy. The population of the Eurozone is about 350 million people, and the region's economy has a complex and diversified structure. In general, the sectors of the European economy consist of services, trade and industry.
The Mexican peso is the national currency of Mexico. It is considered a commodity currency since the state receives most of its income from oil sales. The sectors of the Mexican economy are divided between services, trade, industry and construction. The national currency exchange rate is significantly influenced by world prices for raw materials, mainly for oil.
The high volatility of EUR/MXN makes it possible to trade the pair in short-term and medium-term strategies with high profitability. However, when analyzing the euro exchange rate against the Mexican peso, traders need to independently monitor the main macroeconomic data affecting the dynamics of EURMXN quotes due to the lack of professional analytical materials on this pair.
EUR/MXN prices are influenced by such factors as changes in monetary policy and interest rates, data on trade balances and inflation, GDP levels and labor market data in the EU, Mexico and the USA.
Risk warning: Trading in FX and CFDs entails high risk of losing capital.
