Quick overview

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The Mexican peso appreciated against the U.S. dollar on Thursday, boosted by a weaker greenback after an unexpected increase in weekly U.S. unemployment claims, which reignited concerns over the economic outlook and trade policy.

The exchange rate closed at 19.1493 pesos per dollar, marking its strongest level since October. This represents a 5.04-cent gain—or 0.26%—from Wednesday’s official close of 19.1997, according to data from the Bank of Mexico (Banxico).

Throughout the session, the dollar traded within a range of 19.2262 to 19.1478 pesos. Meanwhile, the U.S. Dollar Index (DXY)—which measures the dollar against a basket of six major currencies—fell 0.08%, to 98.74.

U.S. Jobless Claims Rise More Than Expected

The peso’s advance followed the release of U.S. labor data showing that new jobless claims rose by 8,000 last week to 247,000—above analysts’ consensus estimate of 235,000. The report raised fresh doubts about the strength of the U.S. labor market.

The data came ahead of Friday’s much-anticipated nonfarm payrolls report and unemployment rate, key indicators that play a critical role in shaping the Federal Reserve’s monetary policy decisions, given its dual mandate to maintain price stability and full employment.

Trump Seeks Call With Xi Jinping

Early in the session, markets also reacted to news that former U.S. President Donald Trump held a phone call with Chinese President Xi Jinping to discuss trade. Reports suggest Trump initiated the conversation, which was interpreted by investors as a constructive signal.

Broader Economic Signals Pressure the Dollar

The dollar remains under pressure in an increasingly uncertain economic environment. Weakening economic indicators are contributing to its continued decline, and Thursday’s data only added to the bearish sentiment.

Other Key Drivers

Investors also digested the European Central Bank’s widely expected decision to cut interest rates. On the domestic front, Mexico’s consumer confidence index rose in May to a seasonally adjusted 46.7 points—its highest reading of 2025—providing additional support for the peso.