EconomyMexican peso falls while awaiting central bank meetings

Mexican peso falls while awaiting central bank meetings

The Mexican peso depreciated on Monday as investors guarded the monetary policy decisions of various central banks this week, including the US Federal Reserve, which is likely to announce another sharp rate hike.

Exchange rate from dollar to peso

The Mexican peso was trading at 20.1155 per dollar, with a loss of 0.15% compared to Thursday's closing price of 20.0834 pesos per dollar, according to the Bank of Mexico.

"Greater caution is perceived prior to central bank decisions this week due to their potential effect on global growth," Grupo Financiero Banorte said in a research note.

At the local level, participants' eyes are on the release of inflation figures on Thursday, which will offer additional clues about the next rate increases by the Bank of Mexico.

"The depreciation of the peso is the result of a strengthening of the US dollar, with the weighted index advancing 0.30%, in anticipation of the Federal Reserve's monetary policy announcement, scheduled for September 21 at 1:00 p.m. Basic Bank.

For the rest of the week, the peso is expected to oscillate in a range of 19.80 to 20.45, according to the firm CI Banco.

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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.