EconomyMexican peso falls on local inflation data and interest...

Mexican peso falls on local inflation data and interest rate outlook

The Mexican peso fell early on Thursday, after the decision of the European Central Bank (ECB) to raise its interest rate by 75 base points and after a local inflation report for August that was above the forecasts of the market.

dollar to peso exchange rate

According to data from Bloomberg, the exchange rate this morning was trading at 20.0423 pesos per dollar, a loss of 0.18% compared to the closing price of the Bank of Mexico on Wednesday.

Still, a Monex analyst note sent to clients explained that "until now, our currency has tested and respected the 100-day moving average of 20.16 pesos on several occasions."

The European Central Bank (ECB) raised its reference interest rate by 75 basis points on Thursday, as the market expected, in its attempt to contain inflation in the euro zone, while investors awaited comments from the president of the Reserve Federal of the United States, Jerome Powell, who will be known in the next hour.

On the domestic front, the Institute of Statistics and Geography (INEGI) indicated that the consumer price index rose 0.70% in August, while core inflation reached 0.80% year-on-year.

With information from Reuters and Bloomberg.

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