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Trading symbol USDMXN

Forex Symbol «US Dollar vs Mexican Pesos» or «USDMXN»

USD/MXN is popular currency pair at the Forex market. This trading symbol eventually becoming more popular among traders because of the full transition of the Mexican peso to free conversion to other currencies based on market mechanisms in 2008.

To date, Mexico is one of the most developed countries in Latin America. The country ranks first among Latin American countries in terms of per capita income. The Mexican economy is largely composed of private sector, due to mass privatization of state enterprises mostly in the 80s of last century to overcome the economic crisis. For the most part the former state-owned enterprises in Mexico are owned by foreign companies.

Mexico is a member of NAFTA - the North American Free Trade Agreement. For this reason, this country has an active trade with their rich neighbors - the United States and Canada, which is a significant part of government revenue in Mexico.

Mexico is the largest exporter of oil in its region. To date, most of the revenues of the country generates oil sector. However, despite this, the main source of income for Mexico is the service sector.

Although Mexico has huge oil and gas reserves its natural hydrocarbons is strongly depleted. This makes the government of that country to reduce the amount of extracted oil and natural gas in order to avoid new problems in the economy. According to forecasts, with such a policy, Mexico will soon be forced to import oil from abroad, to meet the needs of its economy. All these circumstances have a significant impact on the currency of Mexico, which is largely dependent on world oil prices, which are formed in global financial markets. In addition, the Mexican peso exchange rate is highly dependent on international ranking of the country, which formed based on complex economic formulas by major rating agencies.

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