The Mexican peso traded higher around 21.2 against the greenback, moving away from an over one-week low touched in the previous session boosted by optimism over a COVID-19 treatment after drugmaker Pfizer Inc said it could apply for US emergency use of its COVID-19 vaccine candidate as soon as a safety milestone is achieved in the third week of November. On September 24th, the Bank of Mexico slashed its benchmark interest rate by 25 bps to a four-year low of 4.25%, citing an environment of uncertainty and downside risks.
Historically, the Mexican Peso reached an all time high of 25.78 in April of 2020. Mexican Peso - data, forecasts, historical chart - was last updated on October of 2020.
The Mexican Peso is expected to trade at 21.46 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 21.92 in 12 months time.