EconomyExchange rate today: The dollar strengthens and is sold...

Exchange rate today: The dollar strengthens and is sold above 20 pesos

The dollar resumed its rise after two consecutive sessions of correction in the markets, for which the Mexican peso weakened at the opening of this Wednesday, above 20 pesos per dollar.

There is caution and expectations that the United States Federal Reserve will continue with aggressive increases in interest rates.

dollar to peso exchange rate

This Wednesday, October 5, the exchange rate was quoted at 20.0518 pesos per dollar , a depreciation of 0.43% compared to the closing price of the Bank of Mexico, on Tuesday, when the dollar was quoted at 19.9659 per unit.

The depreciation of the peso is due to the fact that the US dollar has resumed its upward trend, after two sessions of correction. The advance of the dollar, indicated the Banco Base, is due to two main factors.

First of all, the market continues to speculate that the Federal Reserve will continue to raise the interest rate at an aggressive pace . And, second, there is greater caution, in anticipation of relevant economic indicators, such as employment statistics in the United States.

In this regard, analysts consulted by Reuters expect private payrolls to have increased to 200,000 jobs in September, compared to the creation of 132,000 jobs the previous month.

During the session, the exchange rate is expected to trade between 19.98 and 20.10 pesos per dollar.

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Although the Mexican currency suffered a slight depreciation at the opening of this Friday, it continues at levels that could consolidate in a downward trend, but a rebound is not ruled out.

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The exchange rate recorded its fourth day of appreciation and closed at 19.8873 pesos per dollar, its best level since September 12.

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While signs on monetary policy are expected in the United States, Canada, Brazil and Europe, the Mexican peso advances slightly this Tuesday.

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Among the strongest falls in the national currency are those caused by the covid-19 pandemic, in 2020, and the one that triggered the Trump phenomenon during the government of Enrique Peña Nieto.

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Analysts in Mexico estimate that the peso could find a ceiling at levels of 20.30 units, since there are no serious elements that allow a strong depreciation of the local currency to be perceived.