# UPDATE 2-Mexico's mighty peso posted biggest gains in over 30 years in 2023

> The Mexican peso closed 2023 at 16.95 per dollar, a cumulative gain of nearly 13% and its strongest annual performance since 1989. Analysts warned gains could slow in 2024 as Banxico is expected to begin cutting its record-high 11.25% benchmark rate.

- Date: 2023-12-29 · published 2023-12-29T12:00:00.000Z
- Category: macro · region Mexico · magnitude low
- Page: https://feedsoft.ai/events/32932-update-2-mexico-s-mighty-peso-posted-biggest-gains-in-over-30-years-in-2023
- Commodities: [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md)

## Why it matters

A stronger peso raises the cost of Mexican exports and feed-related imports priced in dollars, and expected Banxico cuts could weaken the peso again, a factor for Mexican feed and meal demand.

## Read by commodity

- USDMXN: bullish ▲

## Sources

- finance.yahoo.com: https://finance.yahoo.com/news/1-mexicos-mighty-peso-posted-221352532.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.