Peso falls before the dollar advances

The Mexican peso step back in front of American dollar this Tuesday. The local currency depreciates before an advance of the greenback, in a market that awaits to know relevant economic information and news about the pandemic.

The exchange rate stands at 21.2388 units, compared to 21.2206 units at yesterday’s close, with the data from Bank of Mexico (Banxico). That means a loss for the local currency of 1.82 cents or 0.09 percent.

The cross operates in a range between a maximum of 21.3018 units and a minimum of 21.1868 units, while the Dollar Index (DXY), which measures the greenback with six reference currencies, gains 0.21% at a level of 96.53 points.

This week the publication of the local inflation data for November is expected. Analysts consulted by the Reuters agency expect their biggest data in two decades, which would give conditions to Banxico to raise its rates further.

Next week the monetary policy announcements of the Banxico and the US Federal Reserve (Fed) will be published. While the local central bank has raised its rates recently, the Fed has not yet.

On the other hand, markets are showing less caution after reports that showed signs of mild symptoms with the Omicron variant of Covid-19. “Operators seem to get used to the idea,” said CI Banco.

[email protected]

Leave a Comment