The first days of the application of tariffs on steel and aluminum exports to the United States have resulted in a strengthening of the Mexican peso, reaching its highest levels in three months. Despite most currencies weakening against the dollar, the peso was quoted at 20.06 units and closed the day at 20.09 in international operations, even surpassing 20 at some banks.
The last time the Mexican peso closed with this strength was on December 20, when it stood at 20.05 units according to Bloomberg data. The momentum was attributed to a decrease in uncertainty regarding the tariffs imposed by the United States on Mexico, following comments from Scott Kenneth, Secretary of the Treasury, and Howard Lutnick, Secretary of Commerce, who eased the tension of the measures against the country.
In this context, Lutnick praised Mexico for not imposing tariffs on the United States and expressed that it would receive different treatment. According to analysts from Monex, these statements contributed to a less nervous market environment and favored the appreciation of the peso. So far this year, the Mexican currency has gained 3.5% and is among the ten best-performing currencies worldwide.
