The Mexican peso weakened past 20.23 per USD, reverting from a near two-week high of 20.1 on November 19th, as elevated geopolitical risks and concerns about overly promising domestic forecasts weighed on sentiment. Russia’s announcement of changes to its nuclear doctrine amplified global risk aversion, pressuring riskier currencies. Despite recent gains driven by anticipations of constant interest rates and enhanced fiscal plans for 2025, these advances are now questioned by Moody’s recent downgrade of Mexico’s credit rating, citing fiscal risks.