Dollar, heading for 22 pesos

The peso extended the losses that it registered in the regular day and at the edge of 10 at night in electronic operations it reached 21.9438 pesos per dollar, levels not seen since November of last year.

With this quotation, the Mexican currency presented a depreciation of 1.80% or 38.64 additional cents at the close of operations of Banco de México.

The exchange rate closed the regular day with a price of 21.5564 pesos per dollar, with which the local currency lost 0.51% or 10.92 cents against the dollar, and accumulated a streak of six consecutive days of depreciation against the greenback, a total of 4.22% or 88.76 cents.

James Salazar, deputy director of economic analysis at CIBanco, explained that there are four factors that have put pressure on the Mexican peso, among them risk aversion due to the expectation of a rise in interest rates from the Federal Reserve (Fed) and the increase in cases of Covid-19 infections in Europe. He commented that the exchange rate could “calm” his operations, to be at 21.30.

Janneth Quiroz Zamora, deputy director of Analysis of Grupo Financiero Monex, explained that “according to the minutes of the last monetary policy meeting of the Federal Reserve, it is indicated that the Committee should be preparing to adjust the pace of asset purchases and raise the target range for the federal funds rate earlier than expected if inflation continues to rise. “

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