SGD to MXN Exchange Rate
Ah, Mexico: Home of corn, chilies, chocolate and the largest pyramid on the planet. Olé, olé, olé!
What influences the AUD/MXN exchange rate?
The Foreign Exchange Commission consists of officials from the Bank of Mexico and the Ministry of Finance, and it’s responsible for the foreign exchange policy of the country. In 1994, it was determined that market forces would establish the exchange rate of the Mexican peso, so the nation follows a floating exchange rate/free float regime.2
The AUD is one of the most heavily traded currencies and, in the aftermath of the Brexit vote and Trump’s election, investors have favoured AUD.3 Commodity prices are a major influence on the AUD, whereas because 80% of Mexico’s exports go to the United States, the MXN is influenced heavily by its ability to trade freely with the U.S.
The largest threat to the economy of Mexico is the trade changes that have been proposed by Trump, and the slumping peso has already stimulated higher costs of living for Mexicans. The USD/MXN exchange rate will depend on how much of Trump’s vision is bluster and how much comes to fruition.
“Mexico was Australia's largest merchandise trading partner in Latin America in 2014 with two-way trade worth $2.5 billion.” – Australian Government Department of Foreign Affairs & Trade5
Exports from Australia to Mexico include coal, meat, ores and concentrates, sheets and film, and plastic plates. Major imports to Australia from Mexico include alcoholic beverages, passenger motor vehicles, medical instruments, and telecom parts and equipment.5
Investment in Mexico by Australian businesses is growing. Sectors of interest include industrial real estate, infrastructure, consolidated services, manufacturing, and mining.5
In 2015, Mexico was ranked 15th in GDP, while Australia ranked 12th.6 In 2014, Mexico was the 12th largest exporter and the 14th largest importer in the world, while Australia was the 21st biggest exporter and 21st biggest importer.7,8
Whether you’re planning on getting married in Mexico or sending money back home to friends and family, OFX can help you save on your international money transfers. If you need to make a payment to Mexico, use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalised service.
Currency Name: Mexican Peso
Currency Code: MXN
Currency Symbol: $, Mex$
Central Bank: Bank of Mexico
Countries Used In: Mexico
Major Unit: One Peso
Minor Unit: One Centavo
Note Denominations: $20, $50, $100, $200, $500, $1000
Coin Denominations: 5¢, 10¢, 20¢, 50¢. $1, $2, $5, $10, $20
MXN to AUD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the MXN to AUD exchange rate today.
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