FX.co ★ Mexican Peso Hits February Highs

The Mexican peso appreciated by 0.4% to 17.17 per USD, its strongest level since February. The move was supported by a 0.4% decline in the DXY to 97, alongside improved risk appetite after oil prices dropped more than 10% on reports of potential U.S.-Iran peace talks in Pakistan. The reopening of the Strait of Hormuz and a 10-day ceasefire between Israel and Lebanon further eased concerns over global trade flows, boosting demand for higher-yielding currencies such as the peso. Mexico’s currency strength remains underpinned by a benchmark interest rate of 6.75%, which continues to attract investors as geopolitical tensions recede.