On November 11, 2024, the Mexican peso closed at approximately 20.34 pesos per dollar, reflecting a depreciation of 0.9% or 17 cents compared to the previous week. This marks the second consecutive session of losses for the peso, as reported by Bloomberg.
In retail markets, the dollar was priced at 20.84 pesos at Citibanamex branches, which is 0.7% or 15 cents higher than last Friday's closing.
The peso's decline coincided with a 0.45% strengthening of the US dollar, reaching its highest level in over four months. Analysts attribute the dollar's gain to expectations of a protectionist trade stance and strict immigration policies from former President Donald Trump.
Market analysts predict a potential medium to long-term depreciation trend for the Mexican peso, suggesting that the exchange rate could approach 21 pesos per dollar if current conditions persist.
In global capital markets, the Dow Jones Industrial Average increased by 0.69%, while the Nasdaq Composite rose by 0.06%, and the S&P 500 gained 0.10%. Conversely, the Mexican Stock Exchange's Price and Quotations Index closed with a loss of 0.72%, marking two consecutive sessions of decline.