The Mexican peso behaves differently from most other currencies when the U.S. dollar changes. Researchers found that the peso tends to rise when the dollar rises against the euro, and vice versa. This is because Mexico is close to the U.S. and has a lower credit rating. The study looked at 29 currencies and found that the distance from the U.S. and the euro area, as well as the country's credit rating, are key factors in explaining this unique behavior of the peso.