Home » Mexican Peso Hits 17 Units Against the Dollar: A Look at Exchange Rates and Market Trends

Mexican Peso Hits 17 Units Against the Dollar: A Look at Exchange Rates and Market Trends

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Mexican Peso Hits 17 Units Against the Dollar: A Look at Exchange Rates and Market Trends

The US dollar closed at 17.30 pesos at the end of this first half of December, representing a 0.36% change from the previous day’s figure of 17.36 pesos. This marks a 0.72% increase in profitability over the last week, but a year-on-year decrease of 3.6%.

Analysts noted that the US dollar had two successive sessions of negative numbers, with higher volatility than last year’s data. This has led to concerns in the markets over the slowdown in the labor market and the Federal Reserve’s actions.

On the other hand, the Mexican peso has been performing strongly against the US dollar, reaching its best levels since 2016 and breaking the barrier of 17 units for the greenback. This trend has been attributed to decisions made by the Bank of Mexico and the stability of public finances and remittances in 2023.

The strength of the Mexican peso against the dollar is seen as good news for the country, as it also helps to reduce the amount of external debt. However, analysts have warned that the streak of the “super peso” could end in 2023, with the possibility of the currency returning to 19 units per dollar due to potential interest rate increases by the US Federal Reserve.

The Mexican peso, which is the fifteenth most traded currency in the world, has seen its abbreviation change from MXP to MXN in 1993. Despite potential challenges ahead, the current strength of the peso against the dollar has been a positive development for the country’s economy.

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