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Peso Rate Alert - March 18, 2019

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The exchange rate for Mexican pesos per U.S. dollar (USDMXN) has just fallen below 19.  This means the peso has gained about 7% against the USD since last November.

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The US President and Sec Commerce want to the U$D weaker as it increases exports. So more weakening is likely this year.  It certainly doesn't help me but I know it helps trade.

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FWIW I bought dollars at the Casa de Cambio in Chapala yesterday for 18.6 pesos per dollar,

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As many of you know, we are talking about the spot rate which is about half way between the buy and sell rate. I usually get the spot rate by going to

https://www.eldolar.info/en/mexico/dia/hoy

which gives me, right now 18.9338 to 1

I wire money from up north to the local Actinver Bank and brokerage house and keep it here in US dollars until my broker recommends I convert it to pesos. The last time we converted was a while back and I got 20.4 pesos per dollar. Had I done it on the day they received my money wire, I would have gotten 19 something.

I am no expert. That is why I allow my broker to decide when it is the best time to exchange my dollars to pesos.

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37 minutes ago, johanson said:

As many of you know, we are talking about the spot rate which is about half way between the buy and sell rate. I usually get the spot rate by going to

https://www.eldolar.info/en/mexico/dia/hoy

which gives me, right now 18.9338 to 1

I wire money from up north to the local Actinver Bank and brokerage house and keep it here in US dollars until my broker recommends I convert it to pesos. The last time we converted was a while back and I got 20.4 pesos per dollar. Had I done it on the day they received my money wire, I would have gotten 19 something.

I am no expert. That is why I allow my broker to decide when it is the best time to exchange my dollars to pesos.

How much do you pay your broker? HaHaHa

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1 hour ago, Tiny said:

How much do you pay your broker? HaHaHa

If I were to buy pesos from my Actinver bank account, I would be charged an exchange rate fee much like the fees you see when you go to

https://www.eldolar.info/en/mexico/dia/hoy   

When I do so using my Actinver stock brokerage account, the amount charged is much less.

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I write a US Check to O'Rourke and Assoc. and get the daily rate, no fee.  Of course you need to have an account with them.

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I use mi American debit card on ATM’s. I’ve found Banamex offers the best exchange rate, while HSBC is the worst ditto for Santander if you don’t decline their conversion offer. The first time I declined the offer I walked away and made somebody $6000 pesos richer, because when you decline their conversion offer it anyway shells  out  the money at the exchange rate for that day 

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Have these forecasts ever been right?  They’re assuming increased strength of the dollar which goes against the present trend.

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Fed chair Powell was remarkably dovish in his statements today. This caused a dramatic drop in the dollar index.  The price of gold has risen and we will probably also see the peso maintain its strength or it could even rise.

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1 hour ago, Jreboll said:

Fed chair Powell was remarkably dovish in his statements today. This caused a dramatic drop in the dollar index.  The price of gold has risen and we will probably also see the peso maintain its strength or it could even rise.

Don’t you just love it when something ‘this important’ can turn depending on ‘which side of the bed’ someone gets up on that day!

 

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