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USD/MXN drops almost 3% after hitting all-time highs

FXStreet (Córdoba) - On a volatile day in the forex market, the Mexican peso is among the best performers after rising sharply during the American session.

USD/MXN climbed earlier to 17.33 hitting a new record high but then turned sharply to the downside, falling almost 3% from the top. Recently printed a new daily low at 16.84. It was trading at 16.86, down 1.45% for the day, headed toward the first daily loss in a week.

After a terrible start, Latin-American currencies managed to recover. The Brazilian real also reached a new record low versus the US dollar but then rebounded sharply: USD/BRL peaked at 4.24 and then dropped to 4.05. The Chilean peso, also showed the same behavior, USD/CLP hit a multi-year high at 709.75 and then retreated below 700.

Greenback remains strong in the region but today’s retreat could signal some USD exhaustion in the very short term.

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Even though the pound made a bounce attempt during the American session, it failed to sustain gains versus and dipped back to negative ground for the day, putting GBP/USD on track for its fifth daily loss in a row.
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Gold ends sharply higher underpinned by safe-haven demand

Risk aversion fueled gold demand, and spot extended up to a fresh 4-week high of $1.156.69 a troy ounce. Also, poor US Durable Goods Orders in the US supported the case for a FED's rate hike delay towards December, encouraging gold buyers.
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