Mexico's peso currency has reached its highest value versus the U.S. dollar in seven years, as the president celebrates its strength but analysts warn of harmful side effects on exports and remittances.
The Mexican peso is among the top-performing currencies this year with a 12% surge against the U.S. dollar, after closing last year up about 5%.
Remittances are also being affected, as a weaker dollar translates into fewer pesos when converted, especially in an environment of high inflation. "They're already talking about the Mexican miracle, the Mexican dream," he said at a recent press conference, referring to the peso's ongoing winning streak.
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