Key Facts
- What happened The peso gained 0.9% in the week to 6 November, ending eight straight weekly losses to the dollar.
- How big The dollar fell to 18.6297 pesos from 18.7962, after an 11.4% eight-week climb.
- What it means US$100 now buys about 1,863 pesos, down from about 1,880 a week earlier.
- The catch One week is not a trend: the peso is still about 9% weaker than on 4 September.
- Who feels it Travellers, remittance senders and firms paying costs in pesos feel it first.
- What comes next Mexico’s central bank decides rates again on Thursday 17 December; minutes come out on Thursday 19 November.
- Power Index Mexico ranks 2nd of 14 in The Rio Times Latin America Power Index, with 70.8 points (November 2026 edition).
Mexico’s peso ended eight straight weeks of losses against the US dollar in the week to Friday 6 November 2026. Banxico, Mexico’s central bank, set its official reference rate, called the FIX, at 18.6297 pesos per dollar that day, down from 18.7962 a week earlier.
That is a gain of about 0.9% for the peso, and it follows an 11.4% rise in the dollar against the peso between 4 September and 30 October. For US readers the move is small but real: US$100 now buys about 1,863 pesos, against about 1,880 a week earlier, so a dollar stretches slightly less in Mexico than at last week’s peak.
The rebound came in the week Banxico cut its key interest rate by a quarter of a percentage point to 6.25%. The US Federal Reserve’s target range is 3.75% to 4%, so Mexico’s benchmark rate is still 2.25 points above the top of the US range.
The Numbers Behind the Week
The FIX is the rate Banxico publishes each business day to settle dollar obligations payable in Mexico, and every level in this article is a FIX from Banxico’s published series. Conversions to US dollars use the FIX of 18.6297 for 6 November, so MXN 10,000 equals about US$537.
The peso’s slide began after Friday 4 September, when the FIX was 16.8748, the lowest of 2026. The dollar then rose in each of the next eight weeks, including about 2.7% in each of the weeks to 25 September and 2 October, and reached 18.7962 on Friday 30 October.
The FIX touched 18.8148 on Thursday 29 October, its highest of 2026. The recovery was not a straight line: the FIX was 18.6285 on Wednesday 4 November, 18.7147 on Thursday 5 November and 18.6297 on Friday 6 November.
Why Banxico’s Cut Matters for the Peso
On Thursday 5 November Banxico cut its target for the overnight interbank rate by 25 basis points to 6.25%, effective Friday 6 November. The vote was 3 to 2, with Governor Victoria Rodríguez Ceja among those in favour, while Galia Borja and Jonathan Heath voted to hold at 6.50%.
Banxico said keeping the rate at the new level for a prolonged period will support inflation’s return to its target. It also lists a further fall in the peso among the risks that could push inflation higher, and says the peso depreciated after its September decision.
Headline inflation rose from 3.42% in the first half of September to 3.62% in the first half of October, Banxico said. It expects inflation to converge to its target in the fourth quarter of 2027.
What It Means for US Readers
Travellers and people sending money to Mexico get slightly fewer pesos per dollar than at last week’s peak, though far more than on 4 September. Companies that pay Mexican suppliers or wages in pesos pay about 0.9% more in dollars than a week ago.
Two Federal Reserve officials, Lisa Cook and Beth Hammack, preferred to raise US rates at the 28 October meeting, when the Fed held its range. A narrower rate gap leaves the peso with less of a yield cushion if US rates rise, which is analysis rather than a forecast.
What Is Not Known
- Whether the rebound lasts. One week of gains does not make a trend. Banxico’s published minutes on Thursday 19 November will show how the board weighed the peso, and the daily FIX will show the rest.
- Whether more cuts are coming. Banxico’s board can answer at its next rate decision on Thursday 17 December. Its 5 November statement points to holding the rate for a prolonged period.
Frequently Asked Questions
What is the FIX exchange rate?
The FIX is the peso-per-dollar rate that Banxico publishes each business day to settle dollar obligations payable in Mexico. For Friday 6 November 2026 it was 18.6297.
How much did the peso gain this week?
The FIX fell from 18.7962 pesos per dollar on Friday 30 October to 18.6297 on Friday 6 November. That is a gain of about 0.9% for the peso.
Why did Banxico cut interest rates?
Banxico said the disinflation process has continued and that it sees no demand pressure in the economy. It also judged that the effect of exchange-rate moves on consumer prices would be limited.
What does the stronger peso mean for travellers and remittances?
At the FIX of 18.6297, US$100 buys about 1,863 pesos, against about 1,880 a week earlier. That means a small drop in what a dollar buys in Mexico.
When does Banxico decide on rates again?
Banxico’s next scheduled rate decision is on Thursday 17 December 2026. The minutes of the 5 November meeting are due on Thursday 19 November.
Sources: Banco de México, exchange-rate series FIX (https://www.banxico.org.mx/tipcamb/tipCamIHAction.do). Banco de México, monetary policy announcement of 5 November 2026 and 2026 calendar (https://www.banxico.org.mx/publicaciones-y-prensa/anuncios-de-las-decisiones-de-politica-monetaria/anuncios-politica-monetaria-t.html). US Federal Reserve, FOMC statement of 28 October 2026 (https://www.federalreserve.gov/newsevents/pressreleases/monetary20261028a.htm).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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