The Mexican peso appreciated on Monday for its fourth consecutive daily rise, while the US dollar continued to show some weakness pending inflation data from the country.
dollar to peso exchange rate
The Mexican peso was trading at 19.8057 units per dollar, with a gain of 0.43% compared to the closing recorded by the Bank of Mexico on Friday, when each dollar was sold at 19.8920 pesos.
A note from Monex analysts warned that "the space to the downside continues to be limited, the bias of the price continues to lean in that direction and it is possible that new lows will be observed if good results from inflation in the United States materialize."
"The appreciation of the peso is due to a decline in the US dollar of 0.51% according to the weighted index, because the market is waiting for the US inflation during August that will be published tomorrow at 7:30 a.m. The market anticipates an inflation figure below 8.5% per year for July, given the fall in gasoline prices, which generates speculation that the Federal Reserve may not be as aggressive in the pace of increases in the interest rate. interest over the next few months," Banco Base specified.
The Mexican currency closed last week with an advance of slightly more than 0.25%, while investors kept their eyes on monetary policy and possible increases in interest rates globally.
With information from Reuters and Bloomberg.