The Mexican peso was appreciated during the day and during the week, due to the fact that the dollar gave up some of the ground it gained against its major peers following the biggest US rate hike in more than 20 years on Wednesday.
The exchange rate concluded this day at 20.1294 units, with a gain of 21.59 cents, equivalent to 1.06% compared to the record of 20.3453 units last Friday, with data from the Bank of Mexico (Banxico).
On the day, compared to the closing of 20.3026 units yesterday, the peso recovered 17.32 cents or 0.85 percent. The pair traded in a wide range between a high of 20.2982 units and a low of 20.0716 pesos per dollar.
employment and rates
The US dollar lost ground slightly against its main counterparts this Friday, after having advanced yesterday to a ceiling of 103.94 units, at a maximum level not seen since December 2002.
The greenback strengthened days before the monetary policy decision of the Federal Reserve (Fed), and a day later reached its most recent ceiling, in reaction to the rise of 50 basis points in the key rate in the United States.
However, the peso recovered ground in line with most currencies today, following the release of strong non-farm payroll figures, which allowed it to close the week with a strong cumulative gain.
“The week ended with a key reference for the markets, the April employment report in the United States,” said the local CI Banco. “The report shows no big surprises and confirms the strength of the labor market,” he added.
The Labor Department reported that 428,000 jobs were created in April, a figure higher than expected, which highlights the solid fundamentals of the world’s largest economy despite a drop in GDP in the quarter.