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The peso (19.91 vs dollar) and the increases in gold, aluminum and copper

The peso closed the week with an appreciation of 0.20% or 4 cents, trading around 19.91 pesos per dollar, with the exchange rate touching a minimum of 19.8987 and a maximum of 20.0769 pesos per dollar.

From a technical point of view, the exchange rate remained within the channel of 19.80 to 20.00 pesos per dollar for most of the week, evidence that the market is still waiting for relevant events, standing out in the case of Mexico the Federal and local elections scheduled for June 6.

In the foreign exchange market, the performance was mixed and the dollar weighted index closed the week almost unchanged compared to the previous week, falling 0.01 percent.

It should be noted that fewer relevant global economic indicators were published during the week than in previous weeks, which also decreased the volatility of the exchange rate during the week to 5.52%, its lowest level since the second week of April.

In the foreign exchange market, the most appreciated currencies during the week were mainly from emerging economies and countries producing raw materials, as weekly increases were observed in the prices of energy and metals (industrial and precious).

In the raw materials market, zinc closed the week with gains trading at 3,060 dollars per metric ton, which is equivalent to an increase in its price of 3.00%, while the price of nickel increased by 7.87% and closed the week trading at $ 18,113 per metric ton.

The mexican peso

For their part, aluminum and copper closed the week trading at 2,483 and 10,248.25 dollars per metric ton, which is equivalent to increases in their prices of 4.77 and 3.86%, respectively.

Gold ended for the fourth consecutive week with gains trading at $ 1,901.84 per ounce, which is equivalent to an increase in its price of 1.09%, leading the precious metal to completely erase the losses accumulated during the year.

For its part, the WTI closed the week trading at 66.34 dollars per barrel, which is equivalent to an increase in its price of 4.34%, while the price of brent increased 4.83% and closed trading at 69.65 dollars per barrel.

Therefore, the Brazilian real was the most appreciated currency in the week, advancing 2.84%, followed by the South African rand with 1.37%, the New Zealand dollar with 1.37%, the Colombian peso with 1.05% and the Chinese yuan that appreciated 1.03%. hundred.

It should be noted that the Chinese yuan continues to appreciate, touching a low of 6.3630 yuan per dollar in Friday’s session, its lowest level since May 22, 2018.

The strengthening of the yuan is associated with the weakness of the dollar since April and with the signal from the People’s Bank of China that it will not intervene to stop the appreciation, since the appreciation of the yuan reduces inflationary risks in the country.

Turkey

The most depreciated currency was the Turkish lira, which lost 1.73%, with the exchange rate touching an all-time high of 8.6134 lira per dollar, in a context of high inflation in the country, at the same time that the central bank is not expected to do so. interest rate adjustments.

There are also political risks, as it is circulated in the media that the mayor of Istanbul, Ekrem Imamoglu, of the opposition to the Erdogan presidency, is being investigated by prosecutors and could be jailed. Ekrem was considered one of the main contenders for the presidency in the 2023 elections.

On Monday of the following week, a decrease in volatility in financial markets is expected, since in the United States and the United Kingdom the financial markets will remain closed.

On the week, the euro hit a low of 1.2133 and a high of $ 1.2266 per euro. For its part, the euro peso touched a minimum of 24.1919 and a maximum of 24.4586 pesos per euro.

At the close, the interbank quotes for sale stood at 19,9078 pesos per dollar, 1.4190 dollars per pound and 1.2197 dollars per euro.

 

Gabriela Siller; PhD

Director of Economic-Financial Analysis.

Banco BASE

 

peso, The peso (19.91 vs dollar) and the increases in gold, aluminum and copper

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