The Mexican peso closed on November 4, 2026 at 18.5669 units per dollar, an appreciation of 1.44% and its best session since April, according to El Economista and El Universal. The move erased 27.16 centavos against the previous close of 18.8385 units.
Behind the rally was the result of the US midterm elections, where the Democratic Party won a majority in the Senate and the House of Representatives, according to El Universal. Adding to this was President Donald Trump ruling out immediate attacks on Iran and confirming the continuation of negotiations with Tehran, a combination that, according to Banorte strategists cited by the same newspaper, weakened the dollar. In wholesale trading the peso was the second most appreciated currency of the session, behind only the Chilean peso. For the Mexican economy the signal is direct: a lower exchange rate reduces the peso cost of imported inputs and moderates the pass-through of external prices to inflation.
The session was highly volatile, with a high of 18.8701 and a low of 18.5756 units per dollar, a range of almost 30 centavos, according to El Economista. The DXY dollar index fell as much as 0.5%, one of its lowest levels since September, according to Bloomberg Línea. At the retail level, El Universal reported that the dollar sold for 19.02 pesos at Banamex windows, 30 centavos less than on Tuesday. The firm Pepperstone maintained that "markets are reassessing the political and economic outlook for the United States," while Actinver noted that "the result limits the presidential agenda, but does not imply an immediate reversal of its policies." Banorte analysts placed the next level to overcome at 18.50 units.
The next reference for the market is Banco de México's monetary policy decision, scheduled for Thursday, November 5, with the benchmark rate at 6.50% and a differential of close to 262.5 basis points against the Federal Reserve, according to Bloomberg Línea. That differential and the 18.50 zone will shape the reading of the coming sessions.
This article was written with the assistance of artificial intelligence from verified sources and reviewed by a human editor before publication.