Dollar in Mexico today: peso closed the day trading lower
In the last day the American dollar was negotiated at closing 18 Mexican pesos on averageso that it represented a change of 0.57% compared to the 17.90 Mexican pesos on average of the previous day.
If we consider the data from the last week, the American dollar marks a rise in 0.89%; Despite this, in the last year there is still a drop in 4.64%.
Comparing this data with that of previous days, it interrupted the flat streak of market prices of the last two sessions. In reference to the volatility of the last week, it was 9.37%, which is a figure somewhat lower than the annual volatility figure (9.49%), which indicates that we can say that it is going through a period of greater stability lately.
He Mexican peso is going through a winning streak against the American dollar Since mid-2022, however, it is in the second half of 2023 that the currency has reached its best levels not seen since 2016, reaching the barrier of 17 units per greenback.
Colloquially called as “superweight”the strength of the Mexican currency is largely due to the decisions of the Bank of Mexico (Banxico) regarding reference rates, at the same time increasing its attractiveness for investors.
With the stability achieved in 2023 in public finances and remittances, the Government of Mexico has estimated that the 2022 remittance record could be broken (US$58,487 million).
In a country where in previous years it suffered strong devaluationsthe strength of the Mexican peso against the dollar is seen as good news, since it also favors the reduction of the amount of external debt (contracted in dollars).
Financial analysts have assured that the “superweight” streak could end in 2023, because while the United States Federal Reserve is contemplating two increases in its interest rates, Banxico only seeks to maintain them, which would make the currency return to the 19 units per dollar.
The Mexican peso is the legal tender of Mexico and is the first currency in the world used by the $ signwhich was later taken up by the United States for the dollar.
The Mexican peso is the fifteenth most traded currency in the worldas well as the most traded in Latin America and the third on the continent only behind the US and Canadian dollars.
Currently the abbreviation is used MXN to talk about the Mexican peso, but before 1993 the acronym MXP was used.
The coins normally used in Mexico are semicircular in shape and have the national coat of arms on the reverse. One Mexican peso is equivalent to 100 cents. There are coins of 1, 5, 10 and 20 pesos; while in bills there are 20, 50, 100, 200, 500 and 1,000 pesos.
The Mexican peso gave a big surprise at the end of 2022, becoming the second most appreciated currency against the dollar in a panorama in which not many foreign exchange They were able to cope with international factors.
According to the Bank of Mexico (Banxico), the Mexican peso appreciated 4.87% as it closed 2022 at $19.50 pesos per dollar compared to $20.53 on the first day of the same year. This is the best annual performance it has had in a decade.
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