Mexico's 'super peso' smashes past the 17-peso barrier to 16.98 per dollar, its strongest since May 2024, another embarrassment for the doomsayers who told everyone to buy dollars.

This article by Alejandro Alegría originally appeared in the August 14, 2026 edition of La Jornada, Mexico’s premier left wing daily newspaper.

The exchange rate hit a new low at the start of the week’s final session, as it opened trading at 16.98 pesos per dollar, a level not seen since May 30, 2024.

“The exchange rate broke the psychological barrier of 17.00 pesos per dollar spot, driven by the weakening of the dollar and the continued decline in implied volatility worldwide, which has increased the appeal of peso-denominated investments,” analysts at Monex noted.

The exchange rate posted an appreciation of 0.35 percent compared with Thursday’s close of 17.04 pesos per dollar.

If the exchange rate closes this Friday at the same level, the national currency would register a weekly appreciation of 0.87 percent. Compared with the July close, when it traded at 17.32, the accumulated appreciation would be 1.96 percent.

According to Monex, the peso ranked tenth among emerging-market currencies with the largest gains against the dollar.

A barrel of Brent crude traded at 87.27 dollars, which translated into a 0.23 percent increase from Thursday’s close, while WTI stood at 81.71 dollars, representing a 0.57 percent advance from the previous session.

Stock markets closed the week with gains, owing to the optimism generated by the growth of artificial intelligence, better-than-forecast corporate earnings, and the decline in expectations that the Federal Reserve will raise interest rates significantly.

Wall Street futures showed mixed performance. The S&P 500 advanced slightly, 0.04 percent, and the Nasdaq 0.2 percent, while the Dow Jones posted a decline of 0.18 percent.

In Europe, the STOXX 600 showed no major change, and the FTSE 100 posted a slight decline of 0.1 percent. In Asia, the Nikkei 225 advanced 0.62 percent.

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