Global Banking turmoil threatens to topple Mexico’s ‘Super Peso’.
The Mexican peso is down 5.9% since the banking crisis started on March 9, 2023.Mexico City— Just days after the Mexican currency hit a five-year high against the dollar, the era of the so-called super peso may have come to an abrupt end.
The undoing of the peso comes from the turmoil in global banking that has pushed one-month implied volatility on the currency to 17.2%, the highest in more than two-and-a-half years. That’s undermined the appeal of Mexico’s high interest rates, the so-called carry trade when investors borrow in one currency to invest in another.
The peso has already lost its crown as the best performing emerging-market currency this year, with its gain of 1.7% slipping behind that of Chile’s peso, which is up 3%.
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