Economists at TD Securities believe the Mexican peso may find space for some appreciation. They expect USD/MXN to tick down towards the 19.75/80 region over the coming months.

USD/MXN to return stably above the 20 mark in 2023

“We expect the MXN to experience some moderate strengthening against the dollar towards the 19.75/80 area in Q3/Q4.”

“In 2023, we expect USD/MXN to return stably above the 20 mark (H1 2023) and then the 21 mark (H2 2023), paring back the modest strength we anticipate for this year.”