The Mexican peso strengthened against the US dollar, reaching two-week highs and breaking a key support level on December 6. The dollar closed with more losses against the peso as the exchange rate in Honduras, Mexico, Guatemala, Nicaragua, and the overall Latino recovery showed the dollar falling around 17.20 against the Mexican peso.
The strengthening of the peso against the dollar comes after weak job creation data in the US, as the ADP employment report showed lower than expected numbers. This resulted in a decrease in the value of the dollar against the peso.
The dollar’s decline against the peso is a notable development as it has implications for trade and investment between the US and Mexico. As the peso gains strength, it makes goods and services from the US more expensive for Mexican consumers, while making Mexican products more competitive in the US market.
The fluctuation of exchange rates can have a significant impact on economies and businesses, and analysts will be closely watching how the peso’s performance against the dollar continues to develop in the coming days and weeks.