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Forex

Mexican Peso Surges to Highest Level Since May 2024 on Softer Dollar

Guavy AI Editorial Team
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USD
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The Mexican peso has made significant gains in recent times, reaching its highest level since May 2024. The USD/MXN pair dropped to 16.92, representing a decline of 0.22% for the day and 0.50% over the week.

This move can be attributed to a softer US Dollar, with the US Dollar Index (DXY) remaining flat at 98.84 on Friday but experiencing a decrease of more than 0.80% for the week.

Additionally, the interest-rate differential between Mexico and the US stood at 275 basis points in favor of Mexico, providing support to the peso through carry dynamics.

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