The Mexican peso depreciated past 17.1 per USD in late April, marking an over five-month low as investors digested a slew of economic data both domestically and in the US for insights into future monetary policy by the central banks. April's mid-month inflation data in Mexico showed signs of persistence, with the gauge accelerating from the previous month to 4.63%, exceeding expectations. Additionally, Mexico's economic activity surged by 4.4% year-on-year in February 2024, marking the strongest growth since October and a significant acceleration from the revised 1.9% growth in the previous month. However, despite these indicators supporting a hawkish stance from the Bank of Mexico, the market's attention was primarily on the US Fed's hawkish outlook. While the US economy grew much less than expected in Q1, inflationary pressures remained elevated, coupled with a robust US labor market, increased hawkish bets and supported the greenback.
The USDMXN increased 0.0550 or 0.32% to 17.2582 on Friday April 26 from 17.2032 in the previous trading session. Historically, the Mexican Peso reached an all time high of 25.78 in April of 2020. Mexican Peso - data, forecasts, historical chart - was last updated on April 26 of 2024.
The USDMXN increased 0.0550 or 0.32% to 17.2582 on Friday April 26 from 17.2032 in the previous trading session. The Mexican Peso is expected to trade at 16.83 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 17.68 in 12 months time.