Mexican peso strongest in nearly 5 years, trading below 18 pesos to dollar

The Mexican peso strengthened Friday to trade below 18.00 pesos per dollar, its highest in nearly five years.

The last time the Mexican peso reached this rate was in April 2018. The peso has steadily gained pace in recent months, first creeping below 19 pesos in January.

Mexican central bank analysts, however, expect the peso to lose some steam before the end of 2023, forecasting this week that it would end the year at 19.80 pesos to the dollar.