The Mexican peso traded lower at 22.3 against the USD, remaining close to a seven-week low touched in the previous session on the back of a stronger dollar. The currency was also pressured by a drop in oil prices and mounting concerns over surging global coronavirus infections and its impact on the economic recovery. On September 24th, the Bank of Mexico cut the its benchmark interest rate by 25 bps to a four-year low of 4.25%, citing an environment of uncertainty and downside risks and amid rising inflation.
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 2020.
The Mexican Peso is expected to trade at 22.50 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 22.98 in 12 months time.