Ignacio Teson•Tuesday, February 25, 2025•2 min read Add an article to your Reading ListRegister now to be able to add articles to your reading list.
Ignacio Teson•Tuesday, February 25, 2025•2 min read
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The Mexican peso lost ground following U.S. President Donald Trump’s statement on Monday that the 25% tariffs on Mexico and Canada would be implemented as planned.
The peso depreciated against the dollar during Tuesday’s trading. The local currency weakened after Trump’s comments, with the exchange rate finishing the session at 20.4568 pesos per dollar, down from 20.4272 pesos on Monday, according to official data from the Bank of Mexico (Banxico). This movement represented a decline of 2.96 cents, or 0.15%.
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USD/MXN
The dollar fluctuated between a high of 20.5461 and a low of 20.3927 pesos. The Dollar Index (DXY), which compares the U.S. dollar to six major currencies, fell 0.38% to 106.26.
Tariffs Will Arrive as Planned
Trump reiterated on Monday that tariffs on goods from both Mexico and Canada will be “on time and as scheduled,” despite efforts from both governments to strengthen border security and curb the flow of fentanyl into the U.S. He provided no further details on the matter.
With no clear signs of a deal that would prevent the imposition of tariffs in March, currency volatility is expected to rise in the short term as markets await the outcome of this issue.
Dollar Weakness Helps Contain Peso’s Decline
The peso’s drop was somewhat offset by a weakening of the U.S. dollar. This followed disappointing consumer confidence data from the U.S., which led to lower Treasury bond yields and a weaker greenback.
However, pressure on the peso could increase as the deadline for tariff implementation approaches. It is possible that the exchange rate could reach levels near 20.70 in the days leading up to the tariff deadline.
Ignacio Teson
Economist and Financial Analyst
Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.
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