EconomyThe peso advances at the opening of this Tuesday,...

The peso advances at the opening of this Tuesday, waiting for signals from the Fed

The Mexican peso appreciated Tuesday in a market with an eye on a speech this week by Federal Reserve chief Jerome Powell at the annual Jackson Hole symposium, looking for signs on the future of monetary policy.

dollar to peso exchange rate today

The Mexican peso was trading at 20.1013 per dollar, with an advance of 0.16% against the Reuters reference price on Monday, spinning its second consecutive day of gains.

"There is calm awaiting Jerome Powell's conference on Friday," said Rodolfo Navarrete, economic adviser at VectorAnálisis.

For the rest of the session, the currency is expected to oscillate in a range of 20.03 to 20.17 per dollar, according to the firm Banco Base.

On the other hand, the contraction of the euro zone economy for the second consecutive month took the European currency to its lowest level in 20 years against the dollar on Tuesday, and the increase in gas prices added to the misery that drags Europe into recession.

The euro was trading at $0.9920 and is expected to fall further to $0.9600 in December, given Europe's worsening outlook, said Monica Defend, director of the Amundi Institute. "The United States and the euro zone are on different paths," he said.

Reuters information.

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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.

The 9 worst depreciations of the Mexican peso in recent history

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.

Isn't everything so bad? The peso would show weakening, but not as Moody's indicates

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.