Peso extends advance due to less fear of Ómicron; closes at 20.63 units

The Mexican peso closed with a moderate gain against the US dollar this Thursday. The local currency appreciated for the second consecutive session in a market that is less afraid of the Covid-19 Omicron variant.

The exchange rate closed operations at 20.6301 units compared to a close of 20.7394 units yesterday, with data from the Bank of Mexico (Banxico). That meant an advance for the peso of 10.93 cents or 0.53 percent.

The cross traded in a range with a maximum of 20.7381 units and a minimum of 20.6220 units. The Dollar Index (DXY), which measures the greenback with a basket of six reference currencies, lost -0.06% at the close to 96.02 points.

The Mexican currency gained ground in a market encouraged by positive news about the Omicron variant of Covid-19, which according to recent studies produces less severe symptoms than other forms of the coronavirus.

Additionally, two laboratories reported that their vaccines protect against this mutation, adding to expectations of proportionally fewer hospitalizations than the Delta variant that affected multiple countries.

“Risk aversion in the markets has diminished on signs that the Omicron variant appears to be less severe than feared,” said Janneth Quiroz, deputy director of analysis at Monex Grupo Financiero.

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