Mexico: This is how the dollar closed today, January 8

He U.S. Dollar Quoted at closing 16.82 pesosSo that represents a change of 0.33% compared to the previous session’s 16.88 pesos.

With respect to the last seven days, U.S. Dollar shows a decrease in 1.14%Hence in inter-annual terms it still decreases 7.16 percent,

If we compare the previous day’s data, the tables turned with respect to the previous day, which recorded an increase of 0.83%, showing an inability to consolidate a recent stable trend. Over the past week, volatility was clearly lower compared to last year, which indicates that we can say that it has been going through a period of greater stability in recent times.

The Mexican economy has faced several contradictions in recent years. With zero growth – even before the pandemic – it has been recovering recently.

Inflation, on the other hand, started rising from the beginning of 2021, reaching its historical maximum of 8.7% in September 2022. Since then it has been declining. The above is mainly due to the monetary policy of the Bank of Mexico (Banxico), which has chosen to increase reference rate,

Although the same central bank assures that general inflation is already at a low level in accordance with its historical behavior, this “does not mean that the disinflationary process should be taken lightly, as the levels are still above the objective.”

The Banxico Governing Board estimates that inflation outlook This will be complex and uncertain” and “with upside risks”, so – and to maintain the 3% target – “it will be necessary to keep the reference rate at its current level for a long time.”

For its part, the peso has experienced an improved outlook. Since mid-2022, the Aztec currency has strengthened against the dollar to such an extent that it has been nicknamed “Supervet”,

The dollar reached its lowest point in July 2023, when it was quoted at slightly more than 16 pesos per unit, a figure not seen since 2015. A quote that was repeated at the end of the year.

Furthermore, the Mexican currency broke with banxico forecast, At the beginning of the year, he assured that the dollar would close 2023 on average above 20 pesos per unit and, although as the months progressed he adjusted his forecasts, the truth is that the exchange rate remained even lower.

Currently, Banxico hopes to during 2024 The dollar is quoted between 17.68 pesos and up to 18.67 pesos per unit.

The Mexican peso is the legal tender of Mexico and 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 currency in Latin America and third on the continent after 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 and feature the national coat of arms on the reverse. One Mexican peso is equal to 100 cents. There are coins of 1, 5, 10 and 20 pesos; While the bills are of 20, 50, 100, 200, 500 and 1,000 pesos.