The Mexican peso hits its highest level since May 2024, driven by a weaker US dollar despite softer retail sales data.
The Mexican peso surged to a two-year high against the US dollar, with the USD/MXN pair falling to 16.92, down 0.22% for the week. The move marks a 0.50% decline as the greenback weakens broadly.
The currency pair last traded at these levels in May 2024, despite mixed economic signals, including weaker retail sales. Business activity in Mexico’s services sector showed improvement, providing some support.
The peso’s strength reflects broader dollar weakness rather than domestic economic momentum, as traders weigh external factors over local data.