Mexican Peso Gains for Sixth Consecutive Session After U.S. Manufacturing Data
The local currency continues its upward trend as trade concerns subside. Since Monday, February 10, the peso has gained 32.47 cents, or 1.60%.
On Tuesday, the Mexican peso appreciated against the U.S. dollar, marking its sixth consecutive session of gains. The local currency strengthened as the market reacted to better-than-expected U.S. manufacturing data.
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The exchange rate closed at 20.2732 pesos per dollar, compared to 20.3006 in the previous session, according to official data from Banco de México (Banxico). This represented a gain of 2.74 cents or 0.14%.
Throughout the session, the dollar traded in a range between 20.3361 at its highest and 20.2085 at its lowest. Meanwhile, the U.S. Dollar Index (DXY)—which measures the greenback against a basket of six major currencies—rose 0.32% to 107.07 points.
The peso’s rally coincides with easing trade tensions, as speculation grows that U.S. tariffs may be delayed. Since closing at 20.5979 on Monday, February 10, the peso has recovered 32.47 cents, or 1.60%.
Mexican Peso Market Outlook
Earlier in the day, the Empire State Manufacturing Index, released by the Federal Reserve Bank of New York, rose to 5.7 points, exceeding analysts’ expectations of -1.0, according to a Reuters poll.
Traders are also closely monitoring statements from U.S. President Donald Trump regarding trade policy, negotiations to end the war in Ukraine, and talks with Russia in Saudi Arabia.
Additionally, market participants remain watchful of Trump’s tariff plans, which could increase risk aversion and put upward pressure on the exchange rate.
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