Mexican peso closes stronger amid Middle East de-escalation

The Mexican peso ended the session up 0.15% against the dollar at 17.76 pesos per unit, per Banco de México data. Traders assessed the feasibility of a ceasefire in Iran ahead of Banxico's monetary policy decision on Thursday. Analysts forecast the currency to hold in a 17.65-17.85 pesos per dollar range.

The Mexican peso posted gains at the March 25 session close, appreciating 0.15% or 2.63 centavos to 17.76 pesos per dollar, according to Banco de México (Banxico) figures. Traders weighed U.S. negotiations for an end to the war in Iran while awaiting the central bank's monetary policy decision the next day. In bank windows like Banamex, the dollar traded at 18.20 pesos per greenback. The dollar index (DXY) rose 0.20% to 99.64 points, and Bloomberg's (BBDXY) gained 0.16% to 1,211.27 units. Ten-year bond yields stood at 4.33% for the U.S. and 9.45% for Mexico. Felipe Mendoza, markets analyst at EBC Financial Group, stated: “For the coming days, I expect the Mexican peso to hold in a 17.65 to 17.85 range. The ceiling will be capped by weak January growth data, while support comes from Middle East geopolitical de-escalation. If ceasefire details firm up, the peso could test 17.60.” Among emerging currencies, the Czech koruna and Polish zloty fell up to 0.54%.

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Illustration of Banxico's interest rate cut to 6.75% amid market declines, peso depreciation, surging oil prices, and Middle East tensions including US-Iran conflict and Strait of Hormuz closure.
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Banxico cuts interest rate to 6.75% despite inflation and Middle East tensions

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Mexico's central bank cut its benchmark rate to 6.75% in a split decision, as global markets closed lower amid the US-Iran war. The BMV fell 1.65%, and the peso depreciated 1% against the dollar. Oil prices rose due to the Strait of Hormuz closure.

The Mexican peso closed the trading day on Friday, February 6, with a 0.85% appreciation, settling at 17.2592 pesos per dollar, driven by global USD weakness and Banxico's decision to keep its rate at 7%. Analysts note this strength could hold in the 17.00-18.00 pesos range through the first quarter.

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Continuing its strong run from last week when it first approached 18 per dollar, the Mexican peso edged up 0.02% to close at 17.99 against the US dollar on December 19, following a 25 basis point cut by the Bank of Mexico. Bank quotes show the dollar at 18.47, with analysts eyeing potential corrections amid rising dollar strength.

The Philippine peso closed at a record low of P60.10 against the US dollar on Thursday, March 19, amid surging global oil prices from the Middle East conflict. The weakening currency raises costs for imports, especially oil which the country heavily relies on.

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The South Korean won rose further against the U.S. dollar on Wednesday as U.S. President Donald Trump signaled a possible swift end to the ongoing Middle East conflict. The won opened at 1,493 per dollar, up 2.2 won from the previous session. This follows a surge to 1,495.2 won per dollar on Tuesday, recovering from a 17-year low of 1,517.3 won.

The Colombian dollar closed higher at $3,657.14 in Next Day mode, driven by the US Presidents' Day holiday. Meanwhile, oil prices showed minimal variations, with Brent falling 0.3% to US$67.52 per barrel and WTI to US$62.72. Trading activity was moderate due to closures for holidays in several global markets.

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Continuing its strong revaluation trend earlier in January—where it led emerging currencies with gains over 4% through January 22—the Colombian peso depreciated 1.36% on January 28, 2026, diverging from appreciating regional peers like the Brazilian real and Mexican peso. Despite the daily drop, it holds a 3.5% monthly gain amid global volatility and commodity rebounds.

 

 

 

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