USD/MXN jumps to 2-week highs after Carstens resignation

The Mexican peso accelerated the decline against the US dollar after the Bank of Mexico announced that Agustin Carstens, resigned to its position as governor, affectively July 1, 2017. He accepted a position at the board of the Bank for International Settlements, said Banxico in a statement.

USD/MXN was moving with a bullish bias amid a stronger US dollar against commodity and emerging market currencies and following Carstens resignation jumped to 20.87, hitting the highest level since November 14. 

Then it pulled back and is was trading at 20.75, up 1% for the day. The rally in crude oil prices was not helping the Mexican peso. The WTI barrel, that yesterday gained almost 10%, was up 3.80% today. 

Among Latin American currencies, the Brazilian real was the worst performer so far on Thursday, falling 2.40% against the US dollar.