The Mexican peso appreciated slightly on Tuesday, following the trend of the last two days, at a time when concern continues over the possible rapid rise in interest rates and the report on expectations from the International Monetary Fund ( IMF).
Peso to dollar exchange rate
This Tuesday, the exchange rate was quoted at 19.9665 pesos per dollar during the opening of the markets . This is an appreciation of 0.03% compared to the closing price on Monday, when the peso gained against the dollar, closing at an exchange rate of 19.9736 pesos per unit, according to the Bank of Mexico.
“The Mexican currency has distinguished itself from those of the rest of the emerging countries by presenting gains against the dollar,” Monex analysts said in a note sent to their clients.
” The exchange rate shows a lateral behavior, due to the fact that market participants are waiting for relevant economic information , mainly the publication of tomorrow, Wednesday, the United States producer prices corresponding to September and consumer inflation”, Base Bank said.
Investors’ attention this morning is focused on the IMF’s publication of its “World Economic Outlook” for 2023. In the region, Brazil is expected to grow 2.8% this year, an increase of 1.1 percentage points compared to the July estimate, while the Mexican economy would grow 0.3 percentage points less, with 2.1%. While for 2023, the growth would be 1.2% for the Mexican economy.
The IMF said “storm clouds” were gathering over the global economy, including persistent inflation, a slowdown in China and ongoing tension over the war in Ukraine, which have raised the risk of a severe recession to levels not seen since. the start of the COVID-19 pandemic.
During the session, the exchange rate is expected to trade between 19.90 and 20.03 pesos per dollar.
With information from Reuters.
