EconomyMexican peso advances from its lowest level in eight...

Mexican peso advances from its lowest level in eight weeks

The Mexican peso appreciated on Wednesday after sinking to its lowest level in eight weeks, in a market with an eye on intervention by Federal Reserve Chairman Jerome Powell and other US central bank officials later in the day.

Exchange rate from dollar to peso

The Mexican currency was trading at 20.3130 pesos per dollar, with a gain of 0.23% against the Reuters reference price on Tuesday. Shortly before, the peso weakened 1% to 20.5750 units, a level not seen since August 3.

"Among traders, concern dominates over forecasts of further interest rate hikes in the United States and other large economies to control high inflation, which aggravates fears of a global recession," CI Bank said in a note. analysis.

Powell is later scheduled to deliver a speech at the opening of a banking conference hosted by the St. Louis regional central bank. St. Louis Fed President James Bullard and other high-level Fed officials will address the event later in the day.

For the rest of the session, the peso is expected to oscillate in a range of 20.32 to 20.54 pesos per dollar, according to analysts at the local 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.

Isn't everything so bad? The peso would show weakening, but not as Moody's indicates

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.