Mexican peso falls against the dollar after reaching its best level in 3 years

The Mexican peso withdrew this Friday before a global rebound in the dollar, in a market attentive to comments during the day from members of the Federal Reserve after learning the day before that US inflation slowed in December.

The peso was trading at 18.8801 units per greenback, with a depreciation of 0.28% against the Reuters reference price on Thursday, when it reached levels not seen since February 2020.

“In the short term, the floors continue to be placed at 18.80 pesos per dollar and then up to the pre-pandemic lows, between 18.64 and 18.55,” said analysts from the local firm Actinver. “Despite the oversold signs, we expect a stable exchange rate in the first half of the year, as foreign resources continue to flow into the country.”

Investors’ attention was also on the start of the corporate reporting season for the fourth trimester in the United States, looking for signs about the health of the world’s largest economy.

Despite the decline this Friday morning, the Mexican currency, which last year emerged as one of the best-performing global currencies against the dollar, accumulated a return of 3% in the course of 2023.

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