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Peso to U.S. dollar this morning


ibarra

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5 minutes ago, Mainecoons said:

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In this environment, IMO, it would be better to price in pesos from the beginning. 

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I agree.  Then, the buyer can convert to their own currency to obtain a price.  Everything else we buy, that I am aware of in MX, is priced in pesos.  This seems like a no brainer to me.     If a Canadian sees a price in U.S. dollars, don't they have to convert?  That pretty much makes my point.  

I understand that the realtors are are trying to get foreigners interested in their property by doing this.  Let the realtors/sellers listings verbiage draw people in.    Not that hard to do.

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  • 2 months later...
32 minutes ago, Mainecoons said:

17.54 today.  

I'm sticking by my prediction of 16 or lower.  That should take a lot of wind out of the sails of the local RE market.

 

 

 

IMO Not just the real estate market will feel the impact.  

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  • 5 weeks later...

17.28 close today. I recall buying a new car in summer or fall 2015 and the rate was 16.80. This close today is the highest since then. 

In real estate, the deeds are in pesos. When we bought in 2005 the exchange rate was 10:1. When we sold in 2020, the rate was 21:1. The Mexican authorities would say we more than doubled our money. Far from the truth.

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On 5/11/2023 at 8:45 AM, HoneyBee said:

Well given the current US debt it will be no surprise to see the dollar drop below 16. 

Actually the dollar is stronger today than 30 days ago against the Euro and most other world currencies.

The Mexican peso getting stronger against most world currencies in the same time period including the US dollar.

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On 6/9/2023 at 4:16 PM, tomgates said:

17.28 close today. I recall buying a new car in summer or fall 2015 and the rate was 16.80. This close today is the highest since then. 

In real estate, the deeds are in pesos. When we bought in 2005 the exchange rate was 10:1. When we sold in 2020, the rate was 21:1. The Mexican authorities would say we more than doubled our money. Far from the truth.

How bad did you get hit on with  capital gains on an artificial "profit" due to the drop of the peso?

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It is my understanding that no capital gains will be charged if you can prove the property is your primary residence and you have lived there as your primary residence for three years.  There is also a tax exemption value which changes from year to year and can be upwards of $200,000 U.S. and that maybe for each name on the deed that qualify.  We were not required to pay capital gains when we sold our home in 2007 in San Carlos, Sonora,  as it was our primary residence for almost 9 years, we made a considerable profit.

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1 hour ago, ibarra said:

We were not required to pay capital gains when we sold our home in 2007 in San Carlos, Sonora,  as it was our primary residence for almost 9 years, we made a considerable profit.

Shhhhh!

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3 hours ago, RickS said:

Curious....  how does the rate of the Canadian dollar to peso compare to the (fall of the) US dollar over say the last 3-5 months?

 

 

The dollar has not fallen in the last 3-5 months in relation to most currencies'. 

the US dollar has gotten stronger

the Peso has gotten stronger

February 2 100 pesos cost  4.96 Euros

June 2 100 pesos cost 5.36 Euros  = Peso stronger

 

February 2  100US cost 91.87 Euros

June 2         100US cost 93.32 Euros =  Dollar stronger  

 

February 2  100 pesos cost $7.19 Canadian

June 2         100 pesos cost $7.71 Canadian   =  peso stronger

 

February 2  100US cost $133.80 Canadian

June 2  100US cost $134.61  Canadian = Dollar stronger

 

Actually the Mexican government is concerned about the strength of the Peso. The cost of Mexican exports has risen too much and will cause sales to fall

The other concern is the over five billion dollars sent home by Mexicans in the USA to support their families in Mexico is yielding far fewer pesos to help them.

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59 minutes ago, Mainecoons said:

Getting very close to 17.

I expect to see Mexico begin to cut interest rates soon.  The very high rates here are probably the main reason for the high Peso.

 Agree with the high interest rate cause. Mexico will hurt if they don't get the peso weaker soon.

 

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MC,

Didn’t get hit with any capital gains. Our resident permanent helped as did having either our Curps or RFC on utility bills plus not having any real estate transactions within 5 years. 

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  • 3 months later...

All are missing the real action in the currency market, that is the steady erosion of the Japanese Yen. We are knocking on the 150 door, a first in many years. Some may remember an exchange rate of 250 yen to the dollar many decades ago. 

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