Open a Corona
From the Los Angeles Times: The peso is looking good, especially compared to the dollar.
The official market rate—meaning for large transactions at banks—had the peso at 10.005 to the dollar this morning, down from 10.07 on Tuesday, according to Bloomberg data. Last August the dollar still was worth more than 11 pesos.The last time the dollar bought fewer than 10 pesos was in October 2002.
For U.S. tourists the greenback already has crossed that line, because most bank exchange rates are much less favorable than the official rate. Wells Fargo & Co.’s online currency center today was quoting 9.2 pesos per dollar.
Which leads me to wonder – what is Mexico doing to reach out to Canadian and European tourists? After all, as the American economy reacts to debacles such as Indymac, the mortgage crisis, rising indebtedness and a predatory credit system, it won’t be long before Americans won’t be able to afford the luxury Mexican spring breaks that have been all the rage for a decade or two (or three, or four…).