He American dollar was paid at closing to 16.89 Mexican pesos on averagewhich implied a change of 0.05% when compared to the figure from the previous session, when it closed with 16.88 pesos.
If we consider the data from the last week, the American dollar accumulates a decrease in 1.47%so that in year-on-year terms there is still a decrease in 5.41%.
Comparing this data with that of previous days, with this value he interrupted the streak he had in the previous four days. The volatility referring to the last week presented a lower performance than the volatility shown in the last year’s figures, so in this last phase it is trending less variations than usual.
The Mexican economy has registered a series of contrasts, which will continue, according to the forecasts of the Bank of Mexico (Banxico) for 2024.
Regarding the exchange rate, the central bank expects the dollar to sell throughout the year between 17.68 pesos and up to 18.67 pesos per unit. A conservative forecast considering that the national currency destroyed the 2023 forecasts, breaking the floor of 17 pesos per unit, which has not been seen for eight years.
For its part, inflation is expected to continue its downward trend, since reaching its historical maximum of 8.7% at the end of 2022. Banxico forecasts inflation of 4.02% in 2024, however, it is not expected to soon reach the ideal of three percentage points.
The above, however, contrasts with the growth forecasts for the Gross Domestic Product (GDP), since the central bank expects it to be 2.29% in 2024.
The Mexican peso is the legal tender of Mexico and is the first currency in the world to use the $ sign, which was later adopted by the United States for the dollar.
This currency is the fifteenth most traded currency in the world, as well as the most traded in Latin America and the third on the continent only behind the US and Canadian dollars.
Currently the abbreviation MXN is used 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.
