The Mexican peso it was appreciated this Friday morning after reaching its worst level in six weeks the day before, encouraged by the promise of the Chinese authorities to support economic growth, which fueled the global appetite for risk assets.
The Mexican currency was trading at 20.3367 units per dollar, with a gain of 0.49% against the Reuters reference price on Thursday, when it weakened to 20.6400 pesos per dollar, a level not seen since mid-March.
The scenario remains uncertain, but news of future monetary and fiscal support in China, as well as an improvement in the outlook for Mexico’s sovereign debt rating by the HR Ratings agency, support the improvement of the Mexican currency” CI Bank said.
At the local level, HR Ratings raised Mexico’s outlook to “stable” from “negative” the day before and ratified its long-term credit rating at “BBB+”.
In the morning it was announced that the Mexican economy expanded between January and March for the first time in three quartersalthough less than expected by the market.
The peso accumulated a decline of just over 0.50% in the week and almost 2.5% in the month of April.