UPDATE 1-Mexico’s mighty peso posted biggest gains in over 30 years in 2023

The Mexican peso closed on Friday to end its strongest year against the U.S. dollar in more than three decades, although analysts warn that its gains could slow in 2024 as the central bank is expected to lower record-high borrowing costs. The currency, which President Andres Manuel Lopez Obrador and others call the "super peso," closed at 16.95 units to the dollar with an cumulative gain of almost 13% in 2023, its strongest annual performance since 1989, when data is first available on LSEG. "The peso's appreciation this year was something unusual, something that no one could have predicted," Jonathan Heath, deputy governor at the Bank of Mexico, wrote on social media on Friday.