EconomyFinancialMexican peso advances for the second day, there is...

Mexican peso advances for the second day, there is caution in the face of signs of recession

The Mexican peso rose on Monday in a cautious market benefiting from a wave of risk appetite after the UK government said it would reverse a controversial tax cut that had roiled British markets and dragged down global investors.

dollar to peso exchange rate

The exchange rate today, October 3, was quoted at 20.0096 pesos per dollar, with an advance of 0.58% compared to the closing price of Friday registered by the Bank of Mexico, when the exchange rate was 20.1271 pesos per dollar.

"Economic downturn concerns continue to dominate market sentiment against a backdrop of upside geopolitical risk due to Moscow's annexation of Ukrainian territories," CI Bank said in a research note.

Locally, participants' eyes were on the later release of the central bank's private sector economic expectations survey, seeking an update on projections for local inflation and interest rates.

For the rest of the day, the Mexican peso is expected to oscillate in a range of 19.98 to 20.12 per dollar, according to analysts at Banco Base.

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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.

The 9 worst depreciations of the Mexican peso in recent history

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.