Peso Falls to 18 to the US Dollar as Oil, Fed Worries Weigh on Both Currencies
The currency briefly traded above 18 per dollar as rising U.S. Treasury yields and risk-off sentiment weakened demand for emerging-market assets.
- On Monday, September 28, 2026, the Mexican peso weakened 1.74% to 17.99 per US dollar, marking its weakest close since late March, while Mexico's benchmark IPC index slipped 0.07% to close at 64,944 points.
- Oil prices rose after President Donald Trump rejected an Iranian peace proposal, and expectations of a more restrictive U.S. Federal Reserve fueled inflation concerns that strengthened the dollar against emerging market currencies.
- Banorte dropped 1.0% on roughly US$37 million of turnover as the VIX fear gauge jumped 8.07%. Mining conglomerate Peñoles fell 1.1% on the metals slide, reflecting broader investor risk aversion.
- Trade talks in Washington on September 28–29 represent a critical volatility event for the peso. Analysts warn that a decisive close above the 18.00 psychological level could accelerate downward momentum.
- Broad Latin American markets retreated as Argentina's Merval index fell 3.28% and Chile's IPSA dropped 1.06%, confirming Monday's trend was regional rather than Mexico-only amid tightening global financial conditions.
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17 Articles
Consult the price of the dollar in Mexico today, September 29, 2026, the FIX exchange rate and the quotation in banks
The strengthening of the Mexican peso is running out, as it approaches again 18 units per dollar, because the carry trade is now playing against it and because the dollar has gained value.
The strengthening of the dollar, a lower rate differential between Mexico and the US and geopolitical conflicts diminish the performance of the Latin American currency
Reforma
elnorte.comThe peso came to be traded momentarily in 18,0110 per dollar, although it later moderated part of its losses.
The increase in the price of oil started a 'chainite' in the markets: If the crude is kept expensive, the chances of another increase in the rate of the Fed, a measure that would strengthen the dollar, increase.
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