Mexico City, June 7, 2026, 15:02 CST
- Peso closed Friday at 17.4793 against the dollar, falling 1.10% as the greenback moved higher following U.S. jobs numbers that beat forecasts.
- Sunday trading showed quotes close to 17.4779 pesos per dollar, but banks posted bigger buy-sell spreads as the interbank market stayed closed for the weekend.
- Traders are giving more weight to a Fed rate hike later this year after the shift before Monday’s open, according to U.S. rate futures.
Mexican peso slipped again Friday, with the currency closing out its second week of losses as the dollar strengthened and the exchange rate moved near 17.48 per U.S. dollar. Reforma reported the dollar ended at 17.47 pesos, while El Economista cited Banxico’s close at 17.4793 pesos per dollar.
The peso sold off Friday right after the U.S. jobs report. U.S. nonfarm payrolls increased by 172,000 in May, while the unemployment rate stayed at 4.3%, according to the U.S. Labor Department. Better hiring numbers can make it less likely the Federal Reserve will cut rates.
Traders quickly pushed up bets on U.S. rates after the news. Reuters noted U.S. rate futures put odds of a Fed rate hike by December at 68.4%, up from 52% late Thursday. No move is priced in for June. Higher U.S. rates often boost the dollar and add pressure to emerging-market currencies like the peso.
Mexican retail and market-data sources showed quotes near 17.4779 pesos per dollar by Sunday. La Razón listed Afirme’s rates at 16.30 pesos to buy and 17.90 to sell, Banco Azteca at 16.80 and 17.99, and Banorte at 16.25 and 17.85. Línea Directa carried similar weekend board prices for banks.
Peso losses looked worse Friday than weekend boards indicated, according to El Economista. The paper reported the peso dropped 19.12 centavos to 17.2881 per dollar from Thursday’s close, down 1.10% after trading between 17.2653 and 17.5360. The weekly decline was 0.80% from 17.3401.
Peso is falling as the dollar gains after the U.S. jobs data came in strong for May, Banco Base’s Gabriela Siller said to El Financiero. Siller pointed to better-than-forecast job creation and positive revisions to past months.
The peso wasn’t the only loser. El Financiero reported the dollar index climbed 0.69% to 100.10, while the Brazilian real, Chilean peso and Peruvian sol all dropped more than 1.7% against the dollar during the session.
“A barnburner of a print,” is how Bradford Smith, portfolio manager at Janus Henderson Investors, described the U.S. jobs report, speaking to Reuters. Smith said the numbers could push the Fed toward “insurance hikes,” meaning extra rate increases to help keep inflation in check. Reuters
Mexico’s rate environment still offers some backstop for the peso, but not as much cushion. Banxico lowered its key rate to 6.50% in May, signaling the end of its easing cycle and cautioning that inflation risks were still on the upside.
The weekend price might not match what traders see Monday at the open. Bank boards don’t always line up with interbank levels, and moves in U.S. rate bets, oil, or Middle East headlines could send USD/MXN away from 17.48 fast. For now, traders are working through Friday’s jobs surprise.
