The Mexican peso scored a slight loss against him on Tuesday American dollar. The local currency cut its initial fall on a day when the market heard a speech from the president of the Federal Reserve (Fed), Jerome Powell.
The exchange rate ended operations at 20,4059 units compared to yesterday’s close of 20,3896 units, with data from the Bank of Mexico (Banxico). That meant a loss of 1.63 cents for weight, or a marginal 0.08 percent.
The cross operated in a limited range between a maximum of 20.4554 units and a minimum of 20.3413 units. At the close, the Dollar Index (DXY), which measures the greenback with a basket of six coins, fell -0.38% to 95.63 points.
The dollar lost strength after the appearance of the president of the Fed, who stressed that although the central bank will normalize its monetary policy, it has not yet decided on the reduction of its balance sheet of almost 9 trillion dollars.
Powell claimed that central bank officials were still debating approaches to reducing the Fed’s balance sheet that could sometimes hold two or more meetings to make such decisions, a tone less aggressive than expected.
After the central banker’s words, currencies considered riskier such as the peso regained ground. Recently, the dollar had gained ground in anticipation of an aggressive change in monetary policy.
Reference-www.eleconomista.com.mx