The Mexican peso will weaken only modestly in 2023 through a gathering economic slowdown as confidence in the country's moderate policies and manageable debt metrics remains high, a Reuters poll of currency strategists showed. Having appreciated 2.2% from the start of the fourth quarter to 19.73 per U.S. dollar on Monday, Mexico's currency is now trading close to its strongest levels since before the outset of the coronavirus pandemic. In one year, the peso is seen changing hands at 20.16 per U.S. dollar, according to the median estimate of 22 strategists polled Dec. 1-5, 2.2% softer than this week but within its 18.0-22.0 range of the last five years, excluding a drop in early 2020.
The Brazilian real and the Mexican peso have remained especially strong despite the significant drop in the euro and pound sterling
The country’s multi-billion remittances business and difficulties in transferring money create an “unique opportunity,” the company said.