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The Mexican peso traded weaker on Friday session to hit 20.0 vs the U.S. dollar, MXN x-es show heavy trading across the board. In the EMFX space, the peso is the worst currency this year, down 15.1% YTD vs the dollar
USD/MXN 1m implied volatility shows traders do not expect peso to stabilize after the U.S. election, the tenor ticks at 21.58%, the highest in the EMFX space. This reduces trader's appetite to engage in carry trades targeting the peso
The desk at Barclays pencil a 10% drop in the peso from current levels if former President Trump wins the U.S. election in November, the projection would leave USD/MXN above 21.0
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