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

World stock markets are watching closely after global stock markets recorded losses in the first week of 2024. (Reuters/Marcos Brindicci)

he Dollar Quote at closing 16.82 pesosa change of 0.33% compared to the previous trading day’s 16.88 pesos.

For the past 7 days, Dollar mark reduction 1.14%so from an inter-annual perspective, it still decreases cumulatively 7.16%.

If compared with previous days, compared with the previous day, the increase was 0.83%, indicating that the recent failure to consolidate a stable trend. The volatility last week was significantly lower than the cumulative volatility last year. It can be said that it is experiencing a relatively stable period recently.

Exchange rate trends. (database)

In recent years, the Mexican economy has encountered a series of contrasts. Economic growth, which was at zero even before the pandemic, has been recovering recently.

For its part, inflation began to rise in early 2021, reaching an all-time high of 8.7% in September 2022. It has been declining ever since. The above situation is largely due to the monetary policy of the Bank of Mexico (bank of mexico), it chooses to increase reference rate.

While the central bank assured that overall inflation was already at a lower level based on its historical behavior, this “does not mean that the deflationary process should be taken for granted as inflation levels remain above target”.

Banxico Management Board “Estimated Inflation outlook “This will be complex and uncertain” and “there are risks to the upside,” so in order to maintain the 3% target, “it will be necessary to keep the reference rate at current levels for the long term.” “

For its part, the peso has seen better days. Since mid-2022, the Aztec currency has been so strong against the US dollar that it has been nicknamed “Aztec Currency.” “Super heavyweight”.

The dollar reached its nadir in July 2023, when it was quoted at just over 16 pesos per unit, a figure not seen since 2015. The offer was repeated at the end of the year.

In addition, the Mexican currency and Bank of Mexico Forecast. At the beginning of the year, he guaranteed that the dollar would close on average above 20 pesos per unit in 2023, and although he has adjusted his forecast over time, the reality is that the exchange rate is still lower.

Currently, the Bank of Mexico expects During 2024 The US dollar was quoted at 17.68 pesos to 18.67 pesos per unit.

The peso performed well overall and earned the title of “overweight”. (file)

The Mexican peso is the legal tender of Mexico and the first currency in the world to use the $ symbol, which was later adopted by the United States as the dollar symbol.

The currency is the fifteenth most traded currency in the world, the most traded currency in Latin America, and the third most traded currency on the continent, behind the US dollar and Canadian dollar.

Currently, the Mexican peso uses the abbreviation MXN, but before 1993 it used the abbreviation MXP.

The coins commonly used in Mexico are semicircular and have the national coat of arms on the reverse. 1 Mexican peso is equal to 100 cents. Coins are available in 1, 5, 10 and 20 pesos; banknotes are available in denominations of 20, 50, 100, 200, 500 and 1,000 pesos.

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