Mex Peso is falling

https://finance.yahoo.com/news/mexico-peso-sinks-central-bank-155338562.html

"Mexico’s peso sank after the central bank said it will reduce a hedge program designed to tame volatility, signaling to traders the rally that made the currency the world’s top performer may have gone too far."
Exchange today, Aug 31,
12.35 / CAD at 5:30 AM
12.50 / CAD at 11:00 AM
https://ca.investing.com/currencies/cad-mxn-chart has a good forex chart.
Aug 03 it was trading around 13.00 MXN / 1 CAD so this is not great news but it is a nice turn around from the depressing and declining rates we have seen lately.
On another note XE.com now charges CAD$3.99 per transaction and has stopped giving their actual exchange rate unless you sign in. I signed in several times to see the rate without transferring and they then refused to send a verify code to my cell.

mudgirl wrote:Whether the rates are "depressing" or not depends on whether one is living on foreign income or Mexican pesos. A strong peso certainly isn't "depressing" to Mexicans and those working here and earning pesos.
And as far as I'm aware, you could never see the actual exchange rate on xe without signing in, only the mid-market rate.

Yes, of course, it was my point of view.
I was able to see the actual rate without signing in until a short time ago.

Jreboll wrote:Two days ago I got an exchange rate of 16.59 from Xe.com with a fee of about 2.50 dls

That would be US dollars. Note that my quotes were about Canadian dollars.

mudgirl wrote:Whether the rates are "depressing" or not depends on whether one is living on foreign income or Mexican pesos. A strong peso certainly isn't "depressing" to Mexicans and those working here and earning pesos.
And as far as I'm aware, you could never see the actual exchange rate on xe without signing in, only the mid-market rate.

To the average Mexican, the strength of the pesos is irrelevant unless they are importing goods or travelling the world. Theoretically, any imported items should be reduced in price (which would then have an effect on the average Mexican) but we know that won't happen.

Just looked and it's now 17.08

12.63 pesos to 1 Canadian dollar Monday 9/4

17.18p to USD now on 9/4/23

I wonder what the local ATMs will be giving...

The best place to find out what local ATMs are paying if you have a Visa ATM card is this site:

https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html?amount=100&fee=0&utcConvertedDate=&exchangedate=04%2F27%2F2022&fromCurr=USD&toCurr=BYN&submitButton=

The default bank fee is 2%. If you have a no foreign transaction fee card like I do, change the fee to %. I've checked this site after making withdrawals, and it was spot on. Here's today rate with 0% bank fee:

From USD To MXN
Transaction date 09/04/2023
Bank fee (%) 0%
Conversion 1 USD = 17.111300 MXN
% Mark-up over European Central Bank Rate = 0.20
1 USD = 17.111300 MXN
1 MXN = 0.058440 USD

I disagree the strong peso is actually harmful for the many, many Mexican's who receive monies from the USA and to a lessor degree from Canada. A strong dollar gives them much more pesos to spend here. There are a lot more Mexican families depending on these dollars than their are Mexicans who enjoy an increased foreign buying power. Also, I know many Mexicans in the states who are saving money to be able to come back to Mexico buy a casa and have a small business. The more pesos they will have the better.

I went the wrong way in my previous post. Should have converted MXN to USD, resulting in this rate:
1 MXN = 0.058951 USD
% Mark-up over European Central Bank Rate = 0.67
1 MXN = 0.058951 USD
1 USD = 16.963216 MXN

At Multiva ATM a few hours ago I got 16.9632859

Using Schwab card, no fees.

Currently USD is $ 17.33,,,yay

To wait.... or to jump now!?! That is the question.

Now $ 17.41 I would say hold a bit longer. Good luck !

Had to get some today.... HSBC 17.04

AMLO was bragging about the strong peso until he realized this strength was hurting the poor people. Mexicans in the USA sent 8.5 billion dollars to families in Mexico last year. These monies supported people and small villages sometimes over 60% of the income for the people of a village came from these monies. As I understand it the Mexican government would now like to see an exchange rate of around 18%.

Senator Galvez the opposition candidate for Mexican President has announced the Super Peso is to high. She suggests Mexico's interest rates should be lowered as a means of bringing it down.