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US Dollar at Weakest Level Against Peso in Eight Years As Biden Touts Economic Success

by The Daily Caller
July 6, 2023 at 11:00 am
in News, Wire
235 17
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Conservative House Republicans Threaten to Sink Biden, McCarthy Deal: ‘We’re Going to Try’

WASHINGTON, DC - MAY 28: U.S. President Joe Biden delivers remarks on a deal struck yesterday with House Speaker Kevin McCarthy to raise the national debt limit in the Roosevelt Room of the White House on May 28, 2023 in Washington, DC. The deal, which lifts the debt limit for two years while restricting government spending over the same period, staves off the U.S. defaulting on its debt for the first time in its history. (Photo by Anna Rose Layden/Getty Images)

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Daily Caller News Foundation

Mexico’s peso is currently trading at its strongest point against the U.S. dollar in nearly eight years as President Joe Biden touts his economic record and campaigns on his signature “Bidenomics” policy platform.

One U.S. dollar can currently be exchanged for approximately 17 pesos, according to a Yahoo Finance chart tracking the exchange rate; the last time that the peso was at this level of strength against the U.S. dollar was in late 2015. Because of the dollar’s decline, U.S. citizens who travel to Mexico are incurring higher costs and getting less for their money, according to Border Report.

“I exchange money regularly. I get pesos to go shopping, to go out to restaurants and to wash my car in Tijuana,” a San Diego resident who frequently exchanges currency and travels to Mexico told Border Report. “We’re going to pay 5,000 pesos more when compared to last year,” the resident told Border Report.

That’s $306 more a year the resident will pay due to the weakening value of the U.S. dollar, according to Border Report.

Despite the weakening of the U.S. dollar, President Joe Biden has made his economic record and agenda central to his message to voters, making several public appearances to speak about his approach to the economy.

Biden says that his set of economic policies, which he refers to as “Bidenomics,” is working. However, the economy under the Biden presidency has experienced slow GDP growth, record-high inflation, rising trade deficits and falling wages.

The strengthening of the peso versus the U.S. dollar is a trend that has been occurring for some time. Since the beginning of the year, the U.S. dollar has been in a steady decline against the peso, dropping nearly 12% in value at the time of this reporting, according to Bloomberg.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact [email protected].

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact [email protected].

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