Puerto Vallarta, Mexico — The Mexican peso is experiencing slight depreciation this Wednesday morning, reversing part of the gains observed yesterday. The session is expected to have limited movement due to the holiday in the United States, which has caused a decrease in market activity.
As of the latest data, the spot exchange rate stands at 18.4499 pesos per dollar. This represents a depreciation from the previous close of 18.4107 pesos per dollar, as reported by the Bank of Mexico (Banxico). The loss amounts to 3.92 cents, or 0.21 percent.
The trading range for the dollar against the peso has been relatively narrow, with a high of 18.4780 pesos and a low of 18.3621 pesos. Meanwhile, the Dollar Index (DXY) of the Intercontinental Exchange, which measures the value of the dollar against six major currencies, has decreased by 0.02%, now standing at 105.24 points.
Market analysts attribute the current low trading volume and minimal market direction to the U.S. holiday. “We anticipate that the holiday in the United States will generate little volume and direction in most markets. At the local level, there is also no relevant economic information, the attention may continue on the reforms,” said financial advisory firm Ve por Más.
Monex Grupo Financiero echoed this sentiment, noting, “The peso reverses part of the advance recorded in the previous session, while the feeling of nervousness after the election results moderates. With a holiday in the United States, low trading volume is expected.”
The Mexican peso has shown positive performance for much of the year but has recently faced challenges. To date, the peso has lost 8.5% in 2024. This decline is partly due to concerns about potential reforms following Morena’s victory in the June 2 election, which could lead to changes in the Justice system.
Puerto Vallarta, Mexico — The Mexican peso is experiencing slight depreciation this Wednesday morning, reversing part of the gains observed yesterday. The session is expected to have limited movement due to the holiday in the United States, which has caused a decrease in market activity.
