The Mexican peso depreciated against US Dollar this Wednesday. The local currency lost ground for the second day in a day of volatile movements with a market waiting for the next meeting of the Federal Reserve (Fed).
The exchange rate closed at 20.4516 units compared to yesterday’s record of 20.4067 units, with official data from the Bank of Mexico (Banxico). This means that the peso lost 4.43 cents in the session, which is equivalent to 0.22 percent.
The cross traded in a range between a high of 20.4866 units and a low of 20.3261 units. Meanwhile, the Dollar Index (DXY), which compares that currency with a basket of six currencies, was down -0.23% at 95.51 at close.
The dollar lost ground to its key peers after a day of strength as treasury yields fell after reaching a peak not seen since the start of the year. covid-19 pandemic.
However, the peso traded volatile in a market awaiting its first Fed meeting next week. Traders are looking for clues about the number of interest rate hikes the central bank will make throughout 2022.
With two consecutive days of losses since an official close of 20.2988 units on Monday, the Mexican currency is accumulating a loss of 15.48 cents, which equates to a variation of 0.76 percent.
Reference-www.eleconomista.com.mx