Investing.com — Mexico’s native forex has carried out favorably in 2023: It has appreciated 11% in opposition to the U.S. greenback, making it the third strongest forex in rising markets with analysts, merchants, and banks referring to it because the “Tremendous peso”.

Many catalysts have helped the stay sturdy: The speed differential between Mexico and the U.S., historic remittance inflows, Mexico’s momentum for nearshoring and stable worldwide reserves – to call a number of.

On Wednesday, Mexican President Andrés Manuel López Obrador used Investing.com information to focus on the appreciation of the Mexican peso in opposition to the greenback throughout his common morning press convention.

At the start of Wednesday’s session, the value of the greenback in Mexico was 17.31 pesos, a excessive not seen since Could 2016.

“It is a distinctive factor in 50 years. It’s the forex that has appreciated essentially the most on this planet,” Obrador mentioned.

In line with the president, the appreciation of the peso in opposition to the greenback has been supported by financial progress, the arrival of international funding and the nation’s stability.

“Quite a lot of funding is arriving; international buyers are welcome. And so they know that there’s safety for funding in Mexico, that Mexico is a rustic with financial stability and political stability,” he mentioned.

This text initially appeared on the Mexican web site.