USD/MXN: General elections in July 2024 will be crucial for Mexico and the Peso – Commerzbank

The Mexican Peso is trading at its strongest level against the US Dollar in seven years. Economists at Commerzbank discuss MXN outlook.

Mexico is seen as a potential major beneficiary of nearshoring activities 

The upcoming elections in July 2024 will be decisive for the Mexican economy and the Peso. 

Investments in infrastructure, security and human capital, as well as business-friendly reforms, should not only increase Mexico's inherent growth potential, but also enhance the country's attractiveness as an investment destination. 

With appropriate reforms, we believe Mexico is well positioned to benefit from increased nearshoring and friendshoring activities by global companies, which would have a positive long-term impact on the MXN.