Peso loses ground pending economic data from Mexico and the US

The Mexican peso depreciated against him American dollar this Tuesday. The local currency lost ground in a day of slight movements, awaiting the publication of important economic data this week.

The exchange rate ended at 20.2120 units against a record of 20.1740 units yesterday, with official data from the Bank of Mexico (Banxico). The movement meant a fall of 3.80 cents or 0.19 percent for the peso.

The cross operated in a limited range between a maximum of 20.2402 units and a minimum of 20.1190 units. The Dollar Index (DXY), which measures the dollar against a basket of six currencies, rose 0.15% at the close at 93.95 units.

This week the GDP of Mexico and its main trading partner: the United States will be released. The data is expected to show a slowdown in economic growth due to more contagion of Covid-19.

On the other hand, the strength of the dollar remained in a narrow range, with cautious operators awaiting information from central banks in the coming days that could increase volatility in the market.

The Bank of Canada will meet on Wednesday, followed by the central banks of Japan and Europe the next day. Next week, the Bank of Australia will meet on Tuesday and the Federal Reserve on Wednesday.

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