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BLOOMBERG
Mexico’s peso briefly strengthened past a key 18-per-dollar mark for the first time in five years as the nation’s high interest rates and proximity to the US lure traders.
The currency rose as much as 0.7% to 17.9952 against the greenback, the highest intraday level since April 2018. The peso is the best performer of the year so far among major currencies tracked by Bloomberg, up 8.3%, and it remains a favourite on Wall Street.
“The peso’s high carry, enhanced by an extra hawkish Banxico, lack of political noise compared to peers, its status as a US proxy, still strong remittances and the trend of near shoring back the MXN,†said Alejandro Cuadrado, global head of FX strategy at BBVA in New York.