Analysis of recent Dollar → Peso forecasts for 2024. We collate forecasts from respected FX analysts together with the latest US dollar to Mexican peso performance and trends.
Forecasts for USD to MXN
Recent forecasts and market updates suggest a contrasting outlook for the USD to MXN exchange rate. On one hand, the US Dollar (USD) is projected to remain strong against the Mexican Peso (MXN) as the US economy continues to outperform expectations, particularly in light of impressive job growth figures which have delayed expectations for any imminent rate cuts by the Federal Reserve. FX analysts anticipate the USD could gain further momentum against riskier currencies in the near term, with market dynamics influencing its trajectory.
Conversely, economists suggest that the Mexican Peso (MXN) may face challenges ahead, with anticipated FX volatility around the second quarter of 2024 due to presidential elections. While Banxico is expected to ease its monetary stance by Q1 2024, the MXN is perceived as expensive by major banks, contributing to limited expected depreciation in 2024. Cash remittances from the US to Mexico also play a role in influencing the value of the peso, with strong remittance levels defying pandemic-related predictions and potentially supporting domestic demand and economic growth in Mexico. Despite the recent dip in the peso, with USD to MXN currently trading below its 3-month average, the currency pair remains within a stable range, reflecting the cautious sentiment in the market.
@bestfxrates : USD to MXN holds steady amid mixed signals. Strong US job growth keeps USD firm; Fed rate cuts unlikely soon. MXN faces election-induced volatility but is cushioned by robust remittances. Current rates hover below 3-month avg, suggesting a market in wait-and-see mode. #USDMXN #ForexUpdate
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Date
USD/MXN
Change
Period
04 Mar 2024
16.96
0.8% ▼
2 Week
19 Dec 2023
17.07
1.4% ▼
3 Month
19 Mar 2023
18.85
10.7% ▼
1 Year
20 Mar 2019
18.81
10.5% ▼
5 Year
21 Mar 2014
13.24
27.1% ▲
10 Year
23 Mar 2004
10.97
53.4% ▲
20 Year
USD/MXN historic rates & change to 18-Mar-2024
Will the US dollar rise against the Mexican peso?
It is almost impossible to predict what an exchange rate will do in the future, the best approach is to monitor the currency markets and transact when an exchange rate moves in your favour.
To help with this you can add USD/MXN to your personalised Rate Tracker to track and benefit from currency movements.
Forecasts disclaimer: Please be advised that the forecasts and analysis of market data presented on BestExchangeRates.com are solely a review and compilation of forecasts from various market experts and economists. These forecasts are not meant to reflect the opinions or views of BestExchangeRates.com or its affiliates, nor should they be construed as a recommendation or advice to engage in any financial transactions. Read more