Mexican Peso (MXN)

Mexico — Banco de México

Mexican peso — the most liquid Latin American currency and a popular EM carry play.

FX Session:
New York
MXN/USD
0.05763
MXN/USD Exchange Rate
Economic Indicators

No indicator data available.

Banco de México Press Releases

No press releases available.

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About the Mexican Peso (MXN)

The Mexican peso (MXN) is the official currency of Mexico and the most-traded currency in Latin America. It is closely tied to the US economy through the USMCA trade agreement and is a popular carry-trade currency thanks to elevated domestic interest rates.

Banco de México: monetary policy framework

The Banco de México (Banxico) sets the overnight target rate at eight scheduled decisions per year. Mexico targets 3% CPI inflation with a ±1 percentage-point tolerance band, and Banxico publishes quarterly Inflation Reports.

What moves the MXN?

  • Banxico target rate and Quarterly Inflation Report.
  • Mexico CPI, core CPI, and bi-weekly INPC reading.
  • US ISM, retail sales, and industrial production.
  • Remittances from the US (a major inflow into Mexico).
  • Crude oil prices and Pemex export volumes.
  • USMCA / trade-policy news and US-Mexico political relationship.

Key data and events to watch

  • Banxico interest-rate decision and meeting minutes.
  • Bi-weekly INPC inflation update.
  • Monthly remittance flows from Banxico.
  • US economic data — Mexico's largest trading partner.
  • USD/MXN spot and Mexican Treasury (Cetes) yields.

Frequently asked questions about the Mexican Peso

Why is the Mexican peso a popular carry trade?
Mexico maintains relatively high real interest rates, deep local Cetes and Mbono markets, and a credible inflation-targeting central bank. These factors have historically attracted carry-trade flows seeking yield, particularly during periods of low global volatility.
How dependent is the peso on the US economy?
Roughly 80% of Mexico's goods exports go to the United States, and remittances from US-based workers represent a large share of household income. US growth and trade policy are therefore primary drivers of MXN.
What inflation target does Banxico follow?
Banxico targets 3% headline CPI inflation with a ±1 percentage-point tolerance band. It uses an inflation-targeting framework with a free-floating exchange rate.
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