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Mexico’s ‘Super Peso’ Shocks Traders Who Had Bet on Wipeout

  • Mexico is benefitting as factories ‘nearshore’ from China
  • It’s the beginning of a turnaround from two decades ago
Mexican peso banknotes.

Mexican peso banknotes.

Photographer: Mauricio Palos/Bloomberg
Updated on

Amid the carnage in emerging-market currencies this year, there’s been a surprisingly resilient outlier: the Mexican peso.

It’s held up as almost every peer succumbed to the dollar’s relentless push higher, an outperformance so stark that a few analysts have taken to calling it the “super peso.”