Economics: What futures may bring... to the peso

MEXICO - Report 19 Mar 2015 by Mauricio Gonzalez and Ernesto Cervera
Executive Summary The exchange rate has risen consistently since September 2014, climbing to an historical high of 15.57 pesos to the dollar on March 10, which marked an accumulated depreciation of 18.2% since September 2014. In that context, Mexico’s Foreign Exchange Commission, presided over by the Ministry of Finance, announced Wednesday March 11 that it was introducing an additional exchange market intervention under which it would auction up to 52 million dollars daily without specifying any minimum price. Our analysis this week shows that while the current situation poses risks, Mexic...

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