The peso closed operations on Wednesday with an appreciation of 0.60% or 10.5 cents, trading around 17.49 pesos per dollar, a level not seen since June 3, 2024. The appreciation of the peso occurred alongside a return of risk appetite to the financial market, allowing the most appreciated currencies to be mainly from emerging economies, says Gabriela Siller, director of financial economic analysis at Banco Base, in a report.
Given this scenario, Banamex adjusted downwards its forecast for the exchange rate at the end of 2026, to leave it at 18.36 pesos, from the previous 18.70.
“Since the second half of April of last year, a trend of appreciation of the Mexican peso began to be seen, in such a way that the currency has consistently traded below 18 per dollar since the end of December, and has accumulated an appreciation of 3.1% in the first days of the year that has been accentuated during the days of this week,” the Directorate of Economic Studies of Banamex says in a report.
Why is the superweight back?
The Mexican currency has appreciated for three consecutive months against the dollar. This trend is due, to a greater extent, to the weakness of the greenback in international markets than to internal factors.
“Since last year, various factors have led to a strong depreciation of the dollar with respect to the rest of the global currencies, highlighting trade uncertainty, the increase in debt in the US and doubts about its long-term sustainability, as well as the constant attacks on the autonomy of the Federal Reserve,” mentions Banamex.
He adds that in the first days of 2026, the dollar registered a slight appreciation, which was reversed due to the escalation of trade and geopolitical tensions between the US president and European leaders.
It should be noted that the weakening of the dollar has also impacted other currencies: last year there were movements towards assets other than the dollar, particularly favoring the currencies of Sweden, the euro zone, Switzerland and Denmark.
This morning, President Trump presented the founding letter of his Pa Council at the Davos Forum z, a new and controversial international organization that, he said, will work with the United Nations (UN). However, to access a permanent position it will be necessary to pay 1 billion dollars in cash. Trump has invited more leaders such as Russia’s Vladimir Putin, Ukraine’s Volodymyr Zelensky, Israel’s Benjamin Netanyahu and Pope Leo XIV.
