# USD/MXN Price Analysis: Mexican peso drops as Fitch downgrades Mexico to BBB- — Octa

> Fitch downgraded Mexico's credit rating to BBB- with a stable outlook on April 16, 2020. The Mexican peso weakened, with USD/MXN rising from 23.95 to around 24.23 amid broad risk aversion linked to COVID-19 deaths and weak US data.

- Date: 2020-04-16 · published 2020-04-16T12:00:00.000Z
- Category: macro · region Mexico · magnitude low
- Page: https://feedsoft.ai/events/53856-usd-mxn-price-analysis-mexican-peso-drops-as-fitch-downgrades-mexico-to-bbb-octa
- Commodities: [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A weaker peso raises the cost of dollar-denominated feed imports for Mexican buyers, while the risk-off move supports the dollar and pressures commodity prices broadly.

## Read by commodity

- DXY: bullish ▲
- USDMXN: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2020-08-27 | [Mexican Peso Price Analysis: USD/MXN rebounds sharply from two-month lows, outlook turns bullish - Forex Crunch](https://feedsoft.ai/events/51832-mexican-peso-price-analysis-usd-mxn-rebounds-sharply-from-two-month-lows.md) | -0.5% | +0.8% |
| DXY | 2026-09-24 | [Mexican Peso slides to April lows as Banxico shrugs off Fed gap](https://feedsoft.ai/events/17687-mexican-peso-slides-to-april-lows-as-banxico-shrugs-off-fed-gap.md) | +0.7% | +1.0% |
| DXY | 2026-09-23 | [Mexican Peso selloff deepens as Fed hawks drive USD/MXN toward 17.50](https://feedsoft.ai/events/17688-mexican-peso-selloff-deepens-as-fed-hawks-drive-usd-mxn-toward-17-50.md) | +1.2% | +1.5% |
| DXY | 2026-10-15 | [Mexican Peso strikes back as hot US PPI fails to lift Dollar](https://feedsoft.ai/events/17273-mexican-peso-strikes-back-as-hot-us-ppi-fails-to-lift-dollar.md) | -0.5% | — |
| DXY | 2024-04-26 | [Mexican Peso profits from US data turmoil](https://feedsoft.ai/events/30952-mexican-peso-profits-from-us-data-turmoil.md) | -0.3% | -0.9% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/813618/

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