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Mexican Peso Touches Record Low vs. Dollar

February 9, 2016 at 17:47 by Vladimir Vyun

Mexican 50-peso notesThe Mexican peso declined today, reaching the all-time low versus the US dollar, as risk aversion continued to dominate markets and crude oil extended its decline, hurting currencies associated with risk.

Fundamentals do not look that bad for the peso as Mexico has a solid economy. As analysts point out, the Mexican peso suffers from its high liquidity (being one the most traded currencies, especially compared to those of other emerging economies), meaning that it often serves as a proxy for its less liquid peers. This prompted Mexico’s central bank Governor Agustin Carstens to say that the bank will continue intervening on currency markets to support the peso.

USD/MXN was up from 18.6869 to 18.8187 as of 17:46 GMT today, reaching the historic high of 18.9354 intraday.

If you have any questions, comments, or opinions regarding the Mexican Peso, feel free to post them using the commentary form below.

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