The Mexican peso strengthened on Friday morning, marking its second consecutive day of gains. This upward trend comes in the wake of disappointing US employment figures and despite the looming US presidential elections.
According to the Bank of Mexico (Banxico), the spot exchange rate settled at 19.9507 pesos per dollar. This represents a 0.30 percent increase or a gain of 6.02 cents compared to Thursday’s official closing rate of 20.0109 units.
The dollar’s value fluctuated between a high of 20.0919 units and a low of 19.9207 units. Meanwhile, the Dollar Index (DXY) rose by 0.14% to 104.12 points.
This index measures the greenback against a basket of six major currencies. A US non-farm payroll report revealed a mere 12,000 job creations in October.
This figure falls significantly short of the expected 110,000 and marks the weakest job growth since December 2020. The unemployment rate remained steady at 4.1 percent.
In contrast, Mexico’s September unemployment rate stood at 2.92% of the economically active population. This figure, released by the National Institute of Statistics and Geography (INEGI), beat market expectations of 3.0%.
Banxico’s Economic Expectations Survey
Market participants await Banxico’s monthly economic expectations survey from private specialists. The focus will primarily be on GDP, inflation, and key interest rate forecasts.
Monex Grupo Financiero experts noted that the peso’s gains stem from positive employment figures in Mexico and weak US non-farm payroll data. These factors contributed to a weaker dollar.
Analysts also pointed out that investors will continue to monitor the upcoming US elections on November 5. They cautioned that this could lead to potential volatility over the weekend.
The peso‘s performance reflects the complex interplay of domestic and international economic factors. It underscores the importance of maintaining a balanced perspective on economic indicators and geopolitical events.
Key Facts
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— For the complete picture, read our in-depth guide: Mexico Economy 2026: GDP, Peso, Nearshoring, Banxico and Trade
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This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. How we use AI · Report an error
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