PHOTO. Hispanic World
- The Mexican peso starts the week falling against the dollar
- The Mexican currency depreciates more than 1% in the interbank environment
- The currency depreciates 1.85 percent, to 20.80 units
Mexican peso February 22. Bad start. This Monday, the Mexican peso has a fall against the dollar, in an environment where markets are negative and bond yields remain on the rise due to concerns that global economic growth, particularly the United States, will trigger higher inflation and rate increases ahead of schedule.
As reported by the news portal The financialAccording to Bloomberg data, the currency depreciates 1.85 percent, to 20.80 units, in the interbank sphere, while at the bank window the dollar sells for 20.22 pesos, according to Citibanamex.
The most losing coin
After reaching its worst level in the last three and a half months, the Mexican peso started the week as the most losing currency against the dollar as investors are concerned that a possible inflationary rebound will cause interest rates to continue to rise, according to information from El Universal.
In the case of Mexico, there is uncertainty about the credit rating of sovereign debt.
This morning, the exchange rate stands at 20.82 pesos per dollar, which is equivalent to a loss of the Mexican currency of 39 cents or 1.9% compared to last Friday.
The peso is the currency that loses the most ground against the dollar this Monday, followed by the South African rand and the Turkish lira, according to the wholesale prices published by the Bloomberg agency.
This is the worst level of the peso since last November 6, when it reached 20.88 units during moments of that day, after coming from levels close to 22 due to the uncertainty that there was then about the result of the elections for president in the States. United, which in the end gave the victory to Joe Biden.
Mexican peso February 22
What is the best option to send money to Mexico from the United States?
This is the comparison of money transfer service providers, so that you can make a better decision when sending dollars to your relatives in Mexico:
Western Union takes the exchange rate at: 20.51 Mexican pesos for every dollar.
MoneyGram takes the exchange rate at: 20.34 Mexican pesos for every dollar.
Transferwise takes the exchange rate at: 20.42 Mexican pesos for every dollar.
Remitly takes the exchange rate at: 21.16 Mexican pesos for every dollar.
Pangea Money Transfer takes the exchange rate in: 20.19 Mexican pesos for each dollar.
Filed Under: Mexican Peso February 22
In technical terms, the exchange rate this morning broke the support of 20.75 pesos per dollar, which means that the parity can move to levels above 21 units.
The gain of the dollar is related to the concern that world economic growth, particularly in the United States, will trigger an inflationary outbreak and cause an increase in interest rates earlier than expected, Banorte analysts explained in a report published this morning .
The susceptibility of the peso to fixed income pressures has been the main factor behind the recent depreciation observed in the spot exchange rate, according to Banorte. The peso depreciated 2.3% during the past week, being the currency with the largest weekly loss against the dollar, data from Bloomberg show.
For Gabriela Siller, chief economist at Banco Base, Pemex continues to be the main problem in public finances and is a source of uncertainty for the credit rating of Mexico’s sovereign debt.
It highlights that the Ministry of Finance published a decree in the Official Gazette of the Federation with the details of the fiscal incentives applicable to Pemex for the fiscal year 2021, which will allow the deduction of about 73 billion pesos and in turn reduce the payment By Right of Shared Profit from 58% to 54%.
Filed Under: Mexican Peso February 22
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