# Rising remittances, juicy interest rates and nearshoring: the reasons that are boosting the Mexican peso | Economy and Business | EL PAÍS English

> The Mexican peso reached its strongest exchange rate against the dollar since December 2015, below 16.98 per dollar. Drivers include record May remittances of $5.69 billion, Bank of Mexico rates held at 11.25%, stable public finances and expected nearshoring investment. Analysts say the currency has been resilient through months of capital market volatility.

- Date: 2023-07-07 · published 2023-07-07T12:00:00.000Z
- Category: macro · region Mexico · magnitude low
- Page: https://feedsoft.ai/events/35270-rising-remittances-juicy-interest-rates-and-nearshoring-the-reasons-that-are
- Commodities: [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md)

## Why it matters

A stronger peso lowers the peso cost of dollar-priced feed imports into Mexico. The move reflects capital and remittance flows rather than changes in feed supply or demand.

## Read by commodity

- USDMXN: bearish ▼

## Sources

- english.elpais.com: https://english.elpais.com/economy-and-business/2023-07-07/rising-remittances-juicy-interest-rates-and-nearshoring-the-reasons-that-boosting-the-mexican-peso.html

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