The EUR/MXN pair is the abbreviated term used for the Euro & Mexican peso. the Euro and Mexican peso this pair does not have the nickname. Before we get into the particulars, what exactly does the EUR/MXN rate mean? The exchange rate tells you how many EURO (the quote currency) are required to purchase one Mexican peso (base currency). For example, if the pair is trading at 21.28, it means it takes 21.28 Mexican peso to buy 1 euro`

Breaking Down ‘EUR/MXN’

The euro (€; EUR) is the official currency of 19 of the 28 member states of the European Union. The euro is the second largest and second most traded currency in the foreign exchange market after the United States dollar. The euro is divided into 100 cents.]

The $Mexican Peso (sign: $; code: MXN) is the currency, or money, of Mexico. this $ symbol is used for peso which is the same with the US dollar this symbol is got from the Spanish-Mexican currency. this currency counted in the most traded currencies list The peso was officially issued by Spain so that why its name is Spanish dollar which continues inflow until the mid 19th century. The first coin was represented in 1863 with the named of centavos and worth one-hundredth of the peso. these coins continued inflow until the mid -20th century, but their content of gold was reduced substantially over time.

Currency Correlations

Correlation is merely a mutual relationship or connection between two or more things.

Positive correlation – The positive relationship merely is when pairs move in tandem with each other.

In the forex world, the GBP/MXN, XPT/USD, and USD/MXN pairs are positively correlated

Negative correlation – In contrast, a negative relationship is when forex pairs move in the opposite direction, For example, XPTUSD, XTIUSD, and XBRUSD

Economic Events: The movement in the Europian and MEXICAN events determine the exchange rates. Top of the line economic events includes GDP, Employment Change, Industrial Production, and Consumer Price Index. Better than forecast data increases the demand for related currency and impacts the value of either the Europian and MEXICAN, causing fluctuations in the EUR/MXN exchange rate.

Major Economic Events

Gross Domestic Product – the gross domestic product is the central measure of economic growth in the region.

Employment Change – The Sterling is also sensitive to changes in employment, as slacks in the labor market causes a drop in Inflation rates.

Consumer Price Index – Since one of the goals of the BOP is to maintain price stability, they keep an eye on inflation indicators such as the CPI. If the annual CPI deviates from the central

Industrial Production – This measures a change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.

Political Events - Another critical factor is the political aspect. Instability, as seen in the Brexit referendum, can entirely change the direction of the currencies. So, stay up-to-date on the latest political and economic news.

What Determines the EUR/MXN exchange Rate?

Several factors can impact the EUR/MXN rate valuation, including:

ECB & BOM Monetary Policies: The European Central Bank and Bank of Mexico Authority control the supply of money in the market, to keep the economy on track. A dovish policy, which is also known as expansionary policy, from either of the central banks, weakens the related currency. In contrast, a hawkish monetary policy (contractionary policy) strengthens the currency

EUR/MXN Specifications

The EUR/MXN is traded in amounts denominated in the US Dollar.

Standard lot Size: 100,000
Mini lot size: 10,000
One pip in decimals 0.0001
Pip Value: $?