156 replies to this topic

[George Costanza]

The peso took another dive, I wonder how much longer it will dip?
Now we are getting 11.80 here in Otay, I love it over here. I hate the San Yisdro border

[richsinc]

Richsinc, you're obviously jealous of us Otay folks; the superior part of Tijuana.

And another dust eating Otayian(?) has chimed in...

But no thanks at all; love it where I am.

[richsinc]

Union Bank of California

10/16/08

The Mexican peso dropped 5.42 percent early on Thursday as concerns over the global financial crisis soured investor mood. The United States, Mexico's top trade partner, is already in what could be its longest recession in decades due to the global financial crisis, and with unemployment set to soar, the Federal Reserve will cut interest rates again,

EUR/USD 1.3433
USD/JPY 99.90
GBP/USD 1.7254
USD/CAD 1.1921
USD/MXN 12.8952
USD/CHF 1.1284
AUD/USD 0.6680
NZD/USD 0.6095
USD/DKK 5.5567
USD/SEK 7.4412
USD/NOK 6.5809
USD/TWD 32.440
USD/CNY 6.8243


Back to 13 to 1?

Does anyone out there find these posts useful/informative/etc.? Or should I just stop posting them? Granted that they are bank rates but I find them a good indication of what retailers should be charging and which direction things are heading.

[Kuhn Dang]

Does anyone out there find these posts useful/informative/etc.? Or should I just stop posting them?

I do.Please post when there is a significant change or trend.Thx.- Dang

[Klort]

I already have it sent regularly to my mobile phone! But my phone doesn't work when I'm in the office so ... yes

[Miggiesmallz- TEXMEX]

Filled up my moto at Pemex Via Rapida using my Visa debit card.

$112.00 peso equalled $8.86 dlls plus a $.09 cent international fee.

I have not filled up for under $10 dlls in a very long time, it's been $11-$14 for about a year and a half.

[George Costanza]

It's gone down just a little, still around 11.8 in the Otay area. If this keeps up 50 percent of my next check will turn into pesos

[CB]

i withdraw from atms, last week i received 13.086. life is good.

on a personal note, im gonna tie the knot on saturday.

[George Costanza]

i withdraw from atms, last week i received 13.086. life is good.

on a personal note, im gonna tie the knot on saturday.

Good News on both ends
Congrats CB

[Scooby]

.....on a personal note, im gonna tie the knot on saturday.

OMG That takes cajones to tie up those things. You are a courageous man.
Best wishes & give your partner our regards.

[TJDave]

i withdraw from atms, last week i received 13.086. life is good.

on a personal note, im gonna tie the knot on saturday.

Wow... Congrats CB!!! I didn't think you were going down that route...

Will you be staying in TJ or moving back to the US?

[CB]

thanks, well, i figure we'll be living here for at least two more years....we'll see how fast things can work out.

peace

ps i didnt think i was going down this route either

[George Costanza]

Casa De Cambios are up to 12.25 around the Otay area!

[jdcs167]

I bought pesos yesterday at 13.27, hopefully the stores dont start reflecting the changes and increase their prices

[richsinc]

UBOC Daily Update
October 22, 2008
The US dollar jumped to a two-year high against the euro and a basket of currencies on Wednesday with a deteriorating global economic picture that spurred worries stability will not return any time soon to financial markets. Renewed fears are pushing investors to dump risky assets, pushing the greenback higher. Although the US dollar and Japanese yen continue to dominate as safe havens, the greenback still fell 1.3 percent against the yen as the ongoing unwind in carry trades extended the Japanese currency's rally. (underlining is mine, richsinc)

The Mexican peso weakened 3.74 percent on Wednesday on concerns a financial downturn in the United States will send the world’s benchmark economy into recession.

EUR/USD 1.2943
USD/JPY 98.44
GBP/USD 1.6373
USD/CAD 1.2432
USD/MXN 13.3535
USD/CHF 1.1546
AUD/USD 0.6805
NZD/USD 0.6017
USD/DKK 5.7647
USD/SEK 7.7903
USD/NOK 6.9878
USD/TWD 32.875
USD/CNY 6.8261

Even Ley market was at 12.41 yesterday but expect that to go up. Do I hear 14???

[Scooby]

I bought pesos yesterday at 13.27, hopefully the stores dont start reflecting the changes and increase their prices

One of my favorite joints recently upped their tacos prices from 12 to 14 pesos.

Not to mention of course my $1 trillion in MX pesos is now only worth around $800 billion USD. Really sucks man.

[xolotl]

Will Mexico go through another currency crisis? If it has gone from 90 to 3,000 within a few days, I think that just may happen again.

Carlos Salinas de Gortari did away with that when he sold off the Banco de México to some of his buddies. The Mexican peso ceased being a fiat currency and began to float on the international market. Okay, so then he walked off with half of the country's money and his successor, Zedillo, was forced to create a new peso to hide the problem, but we're not going to have to deal with any more wild swings like what happened every time a new president took office before Salinas de Gortari -- those devaluations were a result of the peso being a centrally managed currency. Nowadays the ForEx investors determine what a peso is worth.

The value of the peso is determined essentially by four things in the following order: Pemex, tourism, remittances, and gross national product. Pemex is said to be the most remunerative source of oil on the planet if only there weren't so much corruption to divert its earnings and presently Calderón, Mouriño, and Carstens are diverting most of those earnings. Tourism is in the toilet because the gringo press needs to keep the drug wars off U.S. soil in order to maintain this era's Prohibition in force. Remittances, which is to say, money sent home from gästarbeiter in the U.S. and elsewhere, are depressed as a result of the current U.S. economy. And that leaves only the GNP, which is only just getting under way in Mexico.

So Calderón, the fourth of this era's gringo presidents, is now in trouble because of his close ties to the Bush Family Wehrmacht. Yes, the peso is in trouble. But it will not experience the wild fluctuations that occurred before Salinas de Gortari -- its decline will now approximate the dollar during the ravages of Reaganomics.

That's rather a lot to say in one small post. I apologize.

X

[Scooby]

....If it has gone from 90 to 3,000 within a few days....

That would be a frightening thought for anyone with their life savings in MX pesos.
The Chinese Yuan & the Japanese Yen appear to be the most stable so far.
Are there any financial institutions near to change and hold one's savings ?

It also amazes me sometimes how much power the Wall St. speculators & predators
are allowed to have over the lives of billions of people around the globe.
No wonder there were protesters on the street saying NO to bailing out the looters
of the financial institutions and the nation's treasury.
It seems only fair that the "industry" should be heavily regulated to keep them more honest.
Are they meaningful contributors to society or parasitic gamblers of other people's wealth ?

......That's rather a lot to say in one small post. I apologize....

Don't worry. Some of us have the attention span to handle more than just a sentence or quip.
Heck, I can walk and chew gum at the same time !

[richsinc]

Well, the dollar broke 13 again at banks. But of course retailers and cambios will be somewhat lower.

Union Bank Daily Update November 13, 2008

The US dollar weakened against its European counterpart after weekly U.S. jobless claims rose. The number of U.S. workers filing new claims for unemployment rose to 516,000, the highest level since Sept. 11, 2001. In other news the U.S. trade balance showed that the deficit shrank more than expected in September, to $56.47 billion. The market will look towards tomorrow’s press conference from Fed. Chairman Ben Bernanke as he comments on the current US economy and the value of the dollar.

As analysts also await comments from regional Federal Reserve officials later today, look for the dollar to hold close to familiar ranges.

The Mexican peso weakened as worries of a deep economic recession in the United States could push neighboring Mexico into recession. Look for the peso to remain weaker as the IPC stock index continues to be pressured along with investors focused on the prospect of a prolonged global recession.

EUR/USD 1.2576
USD/JPY 95.66
GBP/USD 1.4830
USD/CAD 1.2259
USD/MXN 13.0720


BTW George, I noticed that my started subject ‘Dollars, Pesos, Save?’ is close to 10,000 views. Is that a record? Do I get a gold star? A cookie? A Beer? A margarita?

[Chivas3]

Well, the dollar broke 13 again at banks. But of course retailers and cambios will be somewhat lower.

Union Bank Daily Update November 13, 2008

The US dollar weakened against its European counterpart after weekly U.S. jobless claims rose. The number of U.S. workers filing new claims for unemployment rose to 516,000, the highest level since Sept. 11, 2001. In other news the U.S. trade balance showed that the deficit shrank more than expected in September, to $56.47 billion. The market will look towards tomorrow’s press conference from Fed. Chairman Ben Bernanke as he comments on the current US economy and the value of the dollar.

As analysts also await comments from regional Federal Reserve officials later today, look for the dollar to hold close to familiar ranges.

The Mexican peso weakened as worries of a deep economic recession in the United States could push neighboring Mexico into recession. Look for the peso to remain weaker as the IPC stock index continues to be pressured along with investors focused on the prospect of a prolonged global recession.

EUR/USD 1.2576
USD/JPY 95.66
GBP/USD 1.4830
USD/CAD 1.2259
USD/MXN 13.0720


BTW George, I noticed that my started subject ‘Dollars, Pesos, Save?’ is close to 10,000 views. Is that a record? Do I get a gold star? A cookie? A Beer? A margarita?

So were do you get the best price for the PESO? Mexican banks,casa de cambios,stores????????????????????????????/