On the last day the American dollar was negotiated at closing 18.56 pesoswhich represented a change of 1.72% compared to the previous day’s value of 18.24 pesos.
In the last week, the US dollar experienced an increase of 3.92%, accumulating a year-on-year increase of 8.79%. In the previous days, it reversed the 2.25% drop recorded in the previous session, without managing to establish a defined trend in recent dates. The volatility of the last few days was 25.7%, significantly higher than the annual volatility of 11.35%, indicating a phase of instability.
The Mexican economy has suffered a series of contrasts, which will continue, according to the forecasts of the Bank of Mexico (Banxico) for this 2024.
Regarding the exchange rate, the central bank expects the dollar to trade 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 be reached. soon to the ideal of three percentage points.
The above, however, contrasts with the growth forecasts for the Gross Domestic Product (GDP), since Banxico 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 used by the $ signwhich was later taken up 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 using the MXN abbreviation 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.
