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The Mexican peso is poised for a weekly decline of over 3.8%.

Last night, Israel carried out an attack against targets in Iranian territory, in response to Iran’s drone attack over the weekend. This pushed the price of the dollar to 18.1750 pesos, its worst level since October.

The Mexican peso is experiencing a sharp decline this Friday morning. The local currency is poised to close the week with a retreat of just over 3.80%, impacted by increased geopolitical tensions following Israel’s attack on Iran.

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The spot exchange rate is currently at the level of 17.3229 units per dollar, compared to 17.0566 units at yesterday’s official close of the Bank of Mexico (Banxico), representing a loss of 26.63 cents or 1.56 percent for the peso.

USD/MXN

Israel conducted an attack against targets in Iranian territory last night, in response to Iran’s drone attack over the weekend. This pushed the price of the dollar to 18.1750 pesos, its worst level since October (or in five months).

After reaching this peak, with a depreciation of around 5%, the currency erased some of the losses and reached a minimum of 17.0739 pesos. The Dollar Index (DXY), which measures the dollar against six currencies, is down 0.21% at 105.93 units.

Losses softened in the markets after Iran clarified that it has no immediate plans for retaliation. Despite this, the peso is already in negative territory for the year, with an accumulated decline of 2.05 percent.

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ABOUT THE AUTHOR See More
Ignacio Teson
Ignacio Teson
Economist and Financial Analyst
Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.
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