FX & Commodity Almanac

Currency pair · cross of two ECB reference rates

What is the USD/MXN reference rate and how has it moved?

The USD/MXN reference rate was 18.3836 on 16 Oct 2026: one USD was worth 18.3836 MXN. That is 0.3% below a year earlier and 85% of the way up its 52-week range. Annualised volatility over the year was 7.9%.

USD/MXN · 16 Oct 2026
18.3836Previous fixing 18.5221 (15 Oct 2026) · ▼ −0.75%
12-month change
▼ −0.3%from 18.4351 on 16 Oct 2025
52-week range
16.8980–18.6498low 21 Aug 2026 · high 5 Nov 2025
Volatility, 1 yr
7.9%annualised; full-year average since 2016: 12.6%

The past twelve months

USD/MXN daily ECB reference rate, past 12 monthsDaily USD/MXN from 16 Oct 2025 (18.4351) to 16 Oct 2026 (18.3836); 52-week high 18.6498 on 5 Nov 2025, low 16.8980 on 21 Aug 2026. 16.517.017.518.018.519.0 NovJanMarMayJulSept
Daily ECB reference fixings, 16 Oct 2025 – 16 Oct 2026 (255 fixings). Yellow dot: latest.

What the record shows

  1. Over the past year USD/MXN has been calmer than usual: 7.9% annualised volatility against a 12.6% average for full calendar years since 2016. Its calmest full year was 2019 (8.4%) and its busiest 2020 (20.1%).
  2. Since 4 Jan 2016 the rate has ranged from 16.3125 (9 Apr 2024) to 25.1039 (6 Apr 2020). Today's fixing is higher than 29% of the 2,763 daily fixings in that period.
  3. Five years ago, on 15 Oct 2021, the fixing was 20.5604, so the rate is 10.6% below that level. Over one month it is ▲ +7.27% (from 17.1382 on 16 Sept 2026).
  4. The largest single-day move of the past year was on 8 Apr 2026: 17.7526 → 17.4010 (▼ −1.98%).
  5. Read the other way round, 1 MXN was worth 0.05440 USD on 16 Oct 2026 (MXN/USD).

How is the USD/MXN figure on this page produced?

The ECB does not publish USD/MXN; it publishes each currency against the euro. The cross is the ratio of the two: MXN per euro ÷ USD per euro = 20.6871 ÷ 1.12530 = 18.3836 on 16 Oct 2026. Because both legs are fixed at the same moment, the cross is internally consistent, but it can differ slightly from a market quote at 14:10 CET. See how to calculate a cross rate.

Year by year

USD/MXN yearly close, change, high, low, average and volatility
YearCloseChangeHighLowAverageVol.
2026 to date 18.3836 ▲ +2.3% 18.5221 15 Oct 16.8980 21 Aug 17.4469 7.5%
2025 17.9728 ▼ −13.4% 20.9685 9 Apr 17.9024 24 Dec 19.2128 9.7%
2024 20.7435 ▲ +22.4% 20.7450 27 Nov 16.3125 9 Apr 18.3254 14.4%
2023 16.9440 ▼ −13.3% 19.5000 2 Jan 16.7004 31 Jul 17.7460 11.2%
2022 19.5537 ▼ −4.3% 21.3795 8 Mar 19.1081 29 Nov 20.1136 10.2%
2021 20.4342 ▲ +2.7% 21.8783 29 Nov 19.6068 19 Jan 20.2862 11.4%
2020 19.8973 ▲ +5.3% 25.1039 6 Apr 18.5734 17 Feb 21.4849 20.1%
2019 18.8893 ▼ −3.8% 20.1080 2 Sept 18.7581 12 Apr 19.2575 8.4%
2018 19.6438 ▼ −0.4% 20.7746 15 Jun 17.9716 17 Apr 19.2407 12.9%
2017 19.7292 ▼ −4.5% 21.9808 20 Jan 17.4933 19 Jul 18.9112 11.5%
2016 20.6545 — 20.8800 14 Nov 17.1257 2 May 18.6852 16.6%

Change = last fixing of the year against the last fixing of the previous year (2016 has no prior close in this record). Vol. = annualised standard deviation of daily log changes within the year. 2026 runs to 16 Oct 2026.

Since January 2016

USD/MXN ECB reference rate since January 2016USD/MXN from 17.3750 on 4 Jan 2016 to 18.3836 on 16 Oct 2026; highest 25.1039 on 6 Apr 2020, lowest 16.3125 on 9 Apr 2024. 161820222426 201620182020202220242026
ECB reference fixings, thinned to about every fifth fixing for drawing; the tables use every fixing.

Largest one-day moves since 2016

DateFromToMove
9 Nov 201618.562219.8260▲ +6.81%
16 Mar 202021.418922.8088▲ +6.49%
18 Mar 202022.809223.9632▲ +5.06%
9 Mar 202020.285621.2350▲ +4.68%
12 Mar 202021.085522.0665▲ +4.65%

Moves are measured between consecutive ECB fixings, so a move after a holiday can span more than one calendar day.

Sources