At the beginning of the day, the euro was trading at the open at 22.16 Mexican pesos on average, a 1.33% decrease compared to 22.45 Mexican pesos on average the previous day.
Taking into account the last seven days, the euro recorded a decrease of 2.6% and in the last year it is still down 9.12%. Comparing this data with that of previous days, chain four consecutive sessions in red. With reference to the volatility of the last week, it presents a subtly higher return than the volatility reflected in the last year's data, presenting itself as an asset with greater variations than expected.
In the annual photo, the euro has even changed by a maximum of 23.66 Mexican pesos on average, while its lowest level has been 22.16 Mexican pesos on average.
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.
A weight hit
Currently, the Mexican peso has been hit in its balance after the arrival of the COVID-19 pandemic in the world, as well as other events that have marked it as electoral processes both nationally and in 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 strong 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 the forecasts of the Banco de México (Banxico), for 2022 the Mexican peso is expected to rise to 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 had a hard impact on the economy that has not fully recovered.
Mexico's economy, the second largest in Latin America after Brazil, increased 5% in 2021, according to figures from the National Institute of Statistics and Geography (Inegi).
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Agencies