EconomyThe dollar strengthens against the peso for the second...

The dollar strengthens against the peso for the second consecutive session

For the second consecutive session, the dollar appreciated at the opening of this Thursday against the Mexican peso and other currencies. The rise in the dollar occurs in a context of caution given the employment figures published this Friday in the United States. In addition, Federal Reserve officials do not predict a drop in interest rates in the short term.

dollar to peso exchange rate

The exchange rate, this Thursday, October 6, was quoted at 20.1335 pesos per dollar at the opening . This implies a weakening of the peso of 0.53% compared to the closing price on Wednesday, which was 20.0265 pesos per dollar, according to the Bank of Mexico.

The strengthening of the dollar is due to the caution that exists before the publication of the employment figures in the United States, which are published on Friday. In addition, the US Federal Reserve is increasingly expected to continue raising interest rates in the coming months.

"Yesterday, officials from the Federal Reserve reiterated that they plan additional increases in the interest rate and added that the market is wrong to speculate possible rate cuts in 2023, because for these cuts to be decided, it will first be necessary for inflation to return. towards the 2% target," said Banco Base, which estimated that the exchange rate will trade between 20.00 and 20.15 pesos per dollar during Thursday's session.

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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.