USD to MXN Exchange Rate

Ah, Mexico: Home of corn, chilies, chocolate and the largest pyramid on the planet. Olé, olé, olé!

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What influences the USD/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 Mexico. In 1994, it was determined that market forces would establish Mexico’s exchange rate, so the nation follows a floating exchange rate/free float regime.2

 

Trade between the United States and Mexico has an impact upon the USD/MXN exchange rate, but with President Trump leading the U.S., the Mexican peso has been suffering. 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 which in turn drives immigration to the U.S.


The USD/MXN exchange rate will depend on how much of Trump’s vision is bluster and how much comes to fruition.

USD/MXN Snapshot

“Mexico is the United States’ second-largest export market and third-largest trading partner.” – U.S. Department of State4

 

  • The top exports from the United States to Mexico include nuclear equipment, plastics, mineral fuels and oils, motor vehicle parts, and electrical machinery.4

  • In 2015, Mexico was ranked 15th in GDP, while the United States ranked 1st.5 In 2014, Mexico was the 12th largest exporter and the 14th largest importer in the world, while the United States was the 2nd biggest exporter and biggest importer.6,7

  • Mexico’s top exports include vehicle parts, cars, delivery trucks, computers, and crude petroleum. Its top export destination is the United States.6

 

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 personalized 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

 

Sources:

  1. https://www.factretriever.com/mexico-facts  
  2. http://www.banxico.org.mx/portal-mercado-cambiario/foreign-exchange-markets--exc.html  
  3. http://www.bajainsider.com/article/struggling-peso-facing-real-threats-ahead  
  4. https://www.state.gov/r/pa/ei/bgn/35749.htm  
  5. http://databank.worldbank.org/data/download/GDP.pdf
  6. http://atlas.media.mit.edu/en/profile/country/mex/
  7.  http://atlas.media.mit.edu/en/profile/country/usa/

 

Today’s USD to MXN exchange rate. Save money on international transfers with OFX. Hedge risk and lock in a great rate for up to 12 months.

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