• The Mexican Peso weakens almost half a percent against the Euro after preliminary results from Sunday’s French election. 
• The far-right National Rally failed to win as many votes as expected and is unlikely to win an outright majority. 
• USD/MXN looks vulnerable to unfolding another leg lower in the short-term.

The Mexican Peso (MXN) trades flat against the US Dollar (USD) on Monday but almost half a percent lower against the Euro amid a calm start to the week. Markets breathe a sigh of relief following the first round of the French elections held on Sunday which showed the French far-right National Rally winning insufficient votes to form a ruling majority. 

At the time of writing, one US Dollar (USD) buys 18.34 Mexican Pesos, EUR/MXN is trading at 19.71, and GBP/MXN at 23.23.