The euro traded at the close at 22.80 Mexican pesos, which meant a decrease of 0.17% compared to the previous day's figure, when it was 22.84 Mexican pesos.
If we consider the data for the last seven days, the euro marks a decrease of 2.05%, so that for a year it has still accumulated a decline of 5.14%. If we compare the value with previous days, it reversed the figure of the previous day, where it ended with a rise of 0.88%, showing in recent days a lack of stability in the results. In the last week, volatility was 7.39%, which is subtly lower than the annual volatility figure (8.08%), so in this last phase it is showing fewer changes than usual.
In the last year, the euro has changed by a high of 23.66 Mexican pesos, while its lowest level has been 22.80 Mexican pesos. The euro is positioned closer to its minimum value than to the maximum.
The Mexican peso panorama
The Mexican peso is the legal tender of Mexico and is the first currency in the world to use the $ sign, which was later taken up by the United States for the dollar.
The Mexican peso is the fifteenth most traded currency in the world, the first most traded in Latin America and the third most widely traded currency in Latin America and the third at the continent level only behind the US and Canadian dollars.
Currently the abbreviation MXN is used to talk about the Mexican peso, but before 1993 the acronym MXP was used.
The coins that are normally used in Mexico have a semicircular shape and have the national coat of arms on the reverse. One Mexican peso equals 100 cents. There are coins of 1, 5, 10 and 20 pesos; while in banknotes there are 20, 50, 100, 200, 500 and 1,000 pesos.
Blows for the weight
Currently, the Mexican peso has seen its balance hit after the arrival of the SARS-CoV-2 pandemic in the world, as well as other events that have marked it as electoral processes both nationally and the United States, one of Mexico's main trading partners.
Uncontrollable inflation, also as a result of COVID-19, which keeps monetary policy on hold, has also left the weight between uncertainty in the face of an almost always stable dollar.
During 2021, the Mexican peso closed with a 2.72% depreciation against the dollar, although it remained largely stable to trade flows and, in particular, exports to the United States.
According to estimates by the Banco de México (Banxico), for 2022 the Mexican peso is expected to rise and reach 21.34 units per dollar.
Mexico declared a quarantine on March 23, 2020 in the face of the COVID-19 pandemic and kept only essential activities open, which was a major blow to the economy that has not fully recovered.
Mexico's economy, the second largest in Latin America after Brazil, grew 5% in 2021, according to figures from the National Institute of Statistics and Geography (Inegi).
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Agencies