The Mexican Peso registers a slight decline.

The exchange rate ended the day at 18.4520 pesos per dollar. Compared to the previous day's close of 18.4107 pesos.

Ignacio Teson•Wednesday, June 19, 2024•1 min read

In a low-activity session due to U.S. market closures for a holiday, the currency trimmed part of its recovery with minimal changes.

The Mexican Peso fell against the dollar in mid-week trading. In a low-activity session due to U.S. market closures for a holiday, the currency trimmed part of its recovery with minimal changes.

The exchange rate ended the day at 18.4520 pesos per dollar. Compared to the previous day’s close of 18.4107 pesos, based on official data from the Bank of Mexico (Banxico), this movement represented a loss of 4.13 centavos or 0.22%.

The dollar’s price traded in a narrow range, with a high of 18.4780 pesos and a low of 18.3621 pesos. The U.S. Dollar Index (DXY) from the Intercontinental Exchange, which measures the greenback against six other currencies, declined by 0.01% to 105.25 points.

USD/MXN

The peso declined on a day with lower trading volume due to the U.S. holiday for Juneteenth. It was a quiet session with few significant data points. The observed range is 18.20 to 18.70 pesos.

The local currency is regaining ground as post-election concerns ease. However, caution remains over the possibility of the Morena party pushing for judicial reform, which is a key counterbalance to the president.

Mexico’s President-elect, Claudia Sheinbaum Pardo, met with business leaders on Wednesday to discuss proposed legislative changes, including the idea that Supreme Court justices, magistrates, and judges be elected by popular vote.

So far this year, the Mexican Peso has accumulated a loss of 1.48 pesos, equivalent to 8.76% against the 2023 year-end close of 16.9666 pesos. Before the elections, 2024 was shaping up to be a positive year for the peso.

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ABOUT THE AUTHOR See More

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.