Mexico: This is how the dollar opened against the peso this Wednesday, January 10

Today the American dollars It is negotiated at the beginning of its operation Average 16.99 Mexican pesosSo it indicates an increase of 0.13% compared to the price of the previous day, when it ended with an average of 16.97 Mexican pesos.

Considering the last seven days, the American dollars shows a decrease in 0.12%So year-on-year decline is still observed 6.79%.

In relation to past dates, add two consecutive sessions of positive numbers. The volatility figure represents a lower performance than the volatility shown by last year’s data, so it has a more stable behavior than usual in recent times.

The Mexican peso has remained stable in the first days of 2024, its value has maintained its positive streak and is located below the 17 peso barrier in the exchange rate.

This Economy of Mexico has experienced a series of contradictions in recent years. It’s been recovering recently, without an increase – even before the pandemic.

For its part, inflation began to rise from the beginning of 2021, reaching its historical maximum of 8.7% in September of the following year. Since then it has been declining. This is largely due to the monetary policy of the Bank of Mexico (Banxico), which has chosen to increase the reference rate.

Although the same central bank assures that general inflation is already at a low level in line with its historical behavior, this “does not mean that the process of disinflation should be taken for granted, as the level is still above the objective.”

This Banksico Government Board “It is estimated that the inflation outlook will be complex and uncertain” and “with upside risks”, so – and maintaining the 3% target – “it will be necessary to maintain the reference rate at its current level for the long term.”

For its part, the weight He has experienced better conditions. Since mid-2022, the Mexican currency has been so strong against the dollar that it has earned the nickname “superweight”.

The dollar reached its lowest point in July 2023, when it was recorded at just 16 pesos per unit, a figure not seen since 2015. A recurring quote at the end of the year.

Additionally, the Mexican currency broke with Banxico’s forecast. At the beginning of the year, he assured that the dollar would close 2023 above an average of 20 pesos per unit and, although he adjusted his predictions as the months progressed, the truth is that the exchange rate still remained low.

Currently, Banxico expects the dollar to trade between 17.68 pesos and 18.67 pesos per unit during 2024.

The Mexican peso is the legal tender of Mexico and was the first currency in the world to use the $ sign, which was later adopted by the United States for the dollar.

The currency is the fifteenth most traded currency in the world, as well as the most traded in Latin America and third in the continent behind the US and Canadian dollars.

Currently the abbreviation MXN is used to talk about the Mexican peso, but before 1993 the abbreviation MXP was used.

Coins commonly used in Mexico are semicircular with the national coat of arms on the reverse. One Mexican peso is equivalent to 100 cents. There are 1, 5, 10 and 20 peso coins; While bills have denominations of 20, 50, 100, 200, 500 and 1,000 pesos.