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The peso advances 11.3 cents against the dollar

The peso closed the session with an appreciation of 0.57% or 11.5 cents, trading around 19.99 pesos per dollar, with the exchange rate touching a maximum of 20.2915 and a minimum of 19.9356 pesos per dollar.

The strengthening of the weight was mainly due to 2 factors:

First factor

A general weakening of the US dollar against its main crosses. A corrective movement was observed in the session, after most currencies lost ground against the dollar on Monday.

This correction could have been due to caution prior to the Federal Reserve’s monetary policy decision, which will be announced tomorrow at 1:00 p.m.

Although no changes in the interest rate are anticipated, the press conference by Fed Chairman Jerome Powell on the bond purchase program and the duration of the Central Bank’s expansionary stance will be relevant.

In the session, the dollar weighted index closed down 0.29%, the highest since January 12.

Second factor

A high correlation with the Brazilian real. In the basket of main dollar crosses, the Brazilian real was the most appreciated currency, with 2.66%, after the Central Bank of Brazil discussed the possibility of increasing the interest rate, which is at the historical minimum of 2 percent.

Although this does not directly affect the Mexican economy, the market tends to speculate on the Mexican peso, which is the most liquid Latin American currency and which, unlike the Brazilian real, is quoted 24 hours a day.

In relevant news, Senate Majority Leader Charles Schumer said today that he could begin discussing and voting on the $ 1.9 trillion stimulus package as early as next week, if Republicans continue to oppose the measures.

According to Schumer, the strategy would be to seek unanimous approval from Democratic senators.

The peso

In the session, the euro touched a minimum of 1.2108 and a maximum of 1.2176 dollars per euro. Finally, the euro peso touched a minimum of 24.2564 and a maximum of 24.5726 pesos per euro.

At the closing, interbank quotes for sale were 19,9,911 pesos per dollar, 1.3740 dollars per pound and 1.2168 dollars per euro.

 

Gabriela Siller; PhD

Director of Economic-Financial Analysis.

Banco BASE

 

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