The reason I am posting on this again so soon is that the upswing has been substantial in percentage terms. Just three months ago in June the rate of exchange was about $2 MXP lower per US Dollar at $11.65 MXP to $1 USD.
To put all of this in practical terms:
- If you were on a $2,000 budget in the early part of the summer at an $11.65 MXP/ $1 USD exchange rate....your cost of living has now gone down to $1,690 per month with the exchange rate swinging to $13.80 to $1 USD. If you are taking money out of US Banks to pay for your daily/monthly expenses then your cost of living is now cheaper than 90 days ago.
- A person making a rent payment of $7,250 MXP per month just had their rent drop about $100 per month over 90 days. That means the rent payment just went from $622 per month to $525. Would you take that?
- If you wire transferred $100,000 USD 90 days ago to buy a house, you now only have to transfer roughly $85,000 to buy that same house at this time. Home prices have not really appreciated that much if at all in that time.