Trading the Chilean Peso against the Mexican Peso isn't usually the first thing on a retail investor's mind. Most people look at the big pairs, like EUR/USD or the "Super Peso" vs the Greenback. But if you’re doing business in Latin America or planning a massive trip from Santiago to Mexico City, the CLP to MXN exchange rate is everything.
Right now, as of January 18, 2026, the rate is sitting around 0.0199. Basically, one Chilean Peso gets you about 0.02 Mexican Pesos. Or, to put it in a way that’s easier to visualize, 1,000 CLP is worth roughly 20 MXN.
It’s been a weird year. Honestly, if you looked at the charts back in early 2024, the CLP was struggling. It hit lows where 1 CLP was barely worth 0.016 MXN. Since then, we’ve seen a steady climb, a bit of a rollercoaster through 2025, and now a stabilization near the 0.02 mark.
Why does this matter? Because these two currencies are the heavyweights of the region, but they dance to very different tunes.
What’s Actually Driving the CLP to MXN Rate?
The Chilean Peso is essentially a "copper currency." When the world wants more copper for EVs and AI data centers—which they definitely do right now—Chile wins. In early 2026, copper prices have been hovering at historic highs, sometimes touching over $5.00 per pound.
According to reports from Cochilco (the Chilean Copper Commission), this demand isn't slowing down. When copper prices rise, the Central Bank of Chile sees a massive inflow of dollars. This strengthens the CLP.
On the other side of the trade, you've got the Mexican Peso. Mexico’s economy is a different beast. It’s tied at the hip to the United States. While Chile relies on mines, Mexico relies on factories and "nearshoring."
The "Super Peso" vs. The Copper King
For a while, the Mexican Peso was called the "Super Peso" because it stayed incredibly strong despite global volatility. But in 2026, we’re seeing some cracks. The USMCA trade agreement is up for review this year. That creates a lot of "what if" scenarios for investors.
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- Chile's Edge: Higher copper prices and a Central Bank that is finally hitting its 3% inflation target.
- Mexico's Hurdle: Uncertainty over U.S. trade tariffs and a slightly slower GDP growth forecast of around 1.2% to 1.5% for the year.
- Interest Rates: Banxico (Mexico’s central bank) has kept rates high, around 7%, while Chile has been more aggressive with cuts. This "carry trade" usually favors Mexico, but the copper boom is currently giving Chile the upper hand in the CLP to MXN pair.
What Most People Get Wrong About This Pair
Most folks assume that because both are "LatAm currencies," they move together. They don't.
If China’s manufacturing sector has a bad month, Chile feels it immediately because China is their biggest copper buyer. Mexico might not feel it at all. Conversely, if the U.S. consumer stops buying cars, Mexico’s economy catches a cold, while Chile might stay perfectly healthy.
We saw this play out in mid-2025. The CLP to MXN rate dipped significantly when Chilean mining output stalled due to operational bottlenecks. It wasn't about the Mexican economy being great; it was about Chile having a rough patch in the pits.
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Real-World Impact: What Should You Do?
If you're a business owner or a traveler, timing is everything.
- Watch the Red Metal. If you see copper prices breaking past $5.50/lb, expect the Chilean Peso to gain ground against the Mexican Peso.
- The USMCA Factor. Keep an eye on the news out of Washington and Mexico City. Any friction in trade talks usually weakens the MXN, making your Chilean Pesos go further in Mexico.
- Inflation Convergence. Both countries are aiming for that 3% sweet spot. Chile is expected to hit it in early 2026, which might lead to more stable rates.
The current trend suggests the CLP to MXN rate will likely stay in the 0.019 to 0.021 range for the foreseeable future. It’s a game of balance between the mines of the Atacama and the factories of Monterrey.
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Next Steps for You:
If you need to exchange a large amount, don't do it all at once. The volatility in copper markets means the rate can swing 2-3% in a single week. Use a "limit order" if your exchange provider allows it, aiming for a rate closer to 0.0205 if you are holding CLP. If you're buying CLP with MXN, wait for those moments when copper prices take a temporary breather.