The Mexican Peso depreciated more than 1% to 20.1 per USD, its worst performance in two weeks, following weak economic data and renewed concerns about the Bank of Mexico being outpaced by the Federal Reserve in the monetary policy tightening front. Mexico’s jobless rate decreased to 3.3% in May, compared with market estimates of 3.1%, while the country’s merchandise trade account balance swinged to a deficit of USD 2.2 million, compared with a surplus of USD 0.39 million in the same month of previous year. Looking ahead, the Mexican monetary authority has hinted at more rate-hikes going forward, including taking forceful measures in case high inflation persists.
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 June of 2022.
The Mexican Peso is expected to trade at 20.17 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 21.18 in 12 months time.