The Mexican peso devalued to above 20.1 per USD in the fourth week of September, a level not seen since August 27th amid a global rout in risky assets, following increasing fears about a possible default of China’s 2nd largest real estate developer Evergrande and spillover risks arising from the event. Traders also rushed to the greenback in anticipation of the US Fed’s meeting later this week, where policymakers are expected to provide further details about tapering plans. The Mexican peso was also pressured by lower crude prices, an important Mexican export, after oil platforms in the Gulf of Mexico began restarting operations.
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 September of 2021.
The Mexican Peso is expected to trade at 20.21 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 20.80 in 12 months time.