Quick overview

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The Mexican peso edged lower against the U.S. dollar on Tuesday, as the greenback regained ground after a period of weakness.

The move came as global markets absorbed a downgraded global economic outlook from the OECD and awaited key developments in trade policy.

The exchange rate closed the session at 19.2348 pesos per dollar, compared to Monday’s official close of 19.1998, according to data from the Bank of Mexico (Banxico). This represents a depreciation of 3.50 centavos, or 0.18%.

During the day, the dollar traded within a range between a high of 19.2847 pesos and a low of 19.2031. The U.S. Dollar Index (DXY), which measures the dollar against a basket of six major currencies, rose 0.58% to 99.25 points.

OECD Lowers Global Growth Forecast

The Organization for Economic Cooperation and Development (OECD) warned that global economic growth is slowing more sharply than previously expected, as U.S. trade policies begin to show tangible effects.

In its updated forecast, the OECD projected global GDP growth to decelerate to 2.9% in both 2025 and 2026, down from 3.3% in 2024. This is a revision from its March outlook, which forecast 3.1% growth in 2025 and 3.0% in 2026.

Markets Watch Trade Talks and U.S. Data

Investors are also closely watching for a potential conversation this week between U.S. President Donald Trump and Chinese President Xi Jinping, after Trump accused Beijing of violating an agreement to lower tariffs—raising fears of renewed trade tensions.

Adding to the day’s developments, a U.S. labor market report showed a rebound in job openings for April, though it also revealed a rise in layoffs. These figures come ahead of Friday’s release of the more closely watched May non-farm payrolls report.

Dollar Rebounds

The U.S. dollar bounced back after hitting six-week lows against major peers, recovering as concerns mount over the potential economic fallout from Washington’s multi-front trade disputes.