The Mexican peso was trading slightly higher in the early hours of Thursday, after two consecutive days of losses, at a time when global markets were once again stabilizing after important macroeconomic events.
The Mexican currency was trading at 19.9573 units per dollar, with an increase of 0.12% against the Reuters reference price on Wednesday. But later, the dollar returned to sell above 20 pesos, at 20.04 pesos per unit, according to data from Bloomberg.
In the last two weeks, the exchange rate has oscillated in a range between 19.4136 and 22.1550 pesos per dollar, in the foreign exchange market.
Monex analysts said in a note to clients that they expect the peso to recover some ground during the day, thanks to a return of confidence in the markets, although they consider "that the space for appreciation is limited and that volatility will be low" .
Earlier in the day, the National Institute of Statistics and Geography (Inegi) published the preliminary indicator of economic activity for July, which shows a slight decline in the economy in the month-on-month comparison.
On Wednesday, the US Federal Reserve published the minutes of its July monetary policy meeting, calming the nervousness of investors who feared a more aggressive tone on interest rate hikes to reduce persistently high inflation.
The message in the minutes brought some stability back to emerging market and Latin American currencies, which had suffered losses earlier in the week.
With information from Reuters.
