What is ‘MXN‘?
MXN is the currency code for the Mexican Peso, which is the official currency of Mexico. The Peso is denoted by the symbol “$” and is further divided into 100 smaller units called centavos.
The value of the peso fluctuates against other currencies, and it is managed by the Bank of Mexico. The Mexican Peso is widely used in international trade and is one of the most traded currencies in the world.
Example of ‘MXN‘
An example of MXN in forex would be the currency pair USD/MXN, which represents the exchange rate between the US Dollar and the Mexican Peso.
For instance, if the USD/MXN exchange rate is 20.00, it means that 1 US Dollar is equivalent to 20 Mexican Pesos. Traders can speculate on the future movement of this currency pair to potentially profit from fluctuations in the exchange rate.