The peso maintains its strong performance, appreciating 2.2% in the last week.

The peso closed the week with an appreciation against the dollar, marking its third week of gains, supported by the lack of any announcement of reciprocal tariffs against Mexico or Canada and the weakening of the US currency.

According to the Bank of Mexico (Banxico), the currency closed at 19.5223 pesos per dollar, an appreciation of 0.30% or 99.6 cents on Friday, its fifth consecutive session of appreciation. Its highest level since October 14, 2024, when it stood at 19.3953 pesos.

During the week, the currency appreciated 2.20 percent, marking three weeks of gains and its best performance since January 24, when it gained 2.36 percent. For the month, it has gained 4.58 percent.

The Intercontinental Exchange's Dollar Index (DXY), which measures the greenback against a basket of six benchmark currencies, barely rose 0.09% to 99.47 points in its weekly comparison.

The currencies that fell the most in value this week were the Argentine peso (2.71%), the Swiss franc (1.40%), the South Korean won (1.31%), the Japanese yen (1.10%), the Turkish lira (1.10%), and the Russian ruble (0.92%).

The most appreciated currencies were the Chilean peso (3.31%), the Mexican peso (2.20%), the Colombian peso (2.14%), the Brazilian real (2.10%), the Israeli shekel (1.92%), and the Peruvian sol (1.47%).

Gabriela Siller, director of analysis at Banco Base, stated that the peso's appreciation over the last three weeks is due to two factors.

The first: "On April 2, the United States did not announce "reciprocal" tariffs against Mexico or Canada. Likewise, in the last three weeks, Donald Trump has moderated his comments regarding Mexico and focused on the trade war with China."

The second: "The dollar weakened in the first three weeks of April as the tariffs announced by Trump and his pressure on Federal Reserve Chairman Jerome Powell to cut interest rates raised doubts about the dollar's future as a reserve currency and the central bank's autonomy," he explained.

"The peso benefited from the growth in industrial activity and rumors of a possible US trade resolution with some countries, which relieves some pressure on the local economy," Monex experts noted in a statement.

They announced that "the peso will fluctuate between 19.47 and 19.65 pesos per unit, considering the sideways trend the exchange rate showed during the week, awaiting employment data in Mexico."

Increases weight confidence

Peso contracts on the Chicago Board Futures Exchange (CME) increased confidence and bet on an appreciation of the local currency against the dollar last week, following three consecutive weeks of declines.

During the week ending April 25, interest in the peso increased. According to the CME, net positions in favor of the peso rose to 41,200 contracts, up from 33,300 the previous week, reflecting an increase of 7,900 contracts, equivalent to an advance of approximately 23.7 percent.

"This change represents an improvement in risk appetite toward the Mexican peso, driven by recent exchange rate stability and the weakening of the dollar globally," said Felipe Mendoza, Market Analyst for ATFX LATAM.

Furthermore, factors such as the easing of political tensions between Donald Trump and the Federal Reserve, the more conciliatory tone in negotiations between the United States and China, as well as solid economic data from Mexico, have reinforced the perception that the Mexican peso remains attractive compared to other emerging currencies," the specialist explained.