Mexican Peso Soars as US Jobs Report Sends Dollar Tumbling

The Mexican peso surged against the US dollar on Friday, March 8, following the release of a mixed employment report in the United States. The dollar fell to a low of 16.80 units, its lowest level in 2024. The report revealed that more jobs were created in February than expected, but the figures for December and January were revised downwards, and the unemployment rate increased. Analysts noted that while the labor market in the US remains resilient, the rise in unemployment could signal a slowdown in job creation. The Mexican peso appreciated by 0.62% to reach a minimum of 16.76 units, its lowest level since August 2023. The decline in the dollar also impacted the , which fell by 0.23% to 102.8 units. Investors are closely watching for potential interest rate cuts, with expectations that the Fed may wait longer before implementing any changes. If the peso maintains its current level, it would record a weekly appreciation of 1.32%, the largest gain since November 2023.