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Forex News: Mexican Peso Slides To All-time Low Against U.S.

Mexican Peso Slides To All-time Low Against U.S. Dollar

03/09/2020 - 08:05:00 (RTTNews)

(RTTNews) - The Mexican Peso fell sharply against the U.S. dollar in the European session on Monday, as the sell-off in crude oil rattled stock markets and added to fears over the spread of the coronavirus.

Oil prices fell after the OPEC meeting last week failed to reach a deal on output cuts.

Saudi launched an all-out oil price war by cutting its official oil prices and pledging to ramp up production following the breakdown in talks between OPEC and Russia.

The spread of virus sparked fears over a worldwide recession.

The Mexican Peso fell to a record low of 22.06 against the greenback, compared to Friday's closing value of 20.11.

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