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The peso appreciates against the dollar at its best level since January

The peso closed the session with an appreciation of 0.51% or 10.2 cents, trading around 19.82 pesos per dollar, with the exchange rate touching a maximum of 19.9415 and a minimum of 19.7951 pesos, a level not seen since January 22.

The appreciation of the peso was the result of a sustained weakening of the US dollar that lost 0.41% during the session, according to the dollar weighted index, losing for the sixth consecutive session.

In the foreign exchange market, the peso was ranked 14th among the most appreciated currencies.

It is important to note that downward corrections were observed during the session in most financial markets, mainly in the capital markets, where the main indices in the United States fell.

The biggest losses were from issuers in the technology sector, so the Nasdaq closed with a 1.34% decline, after reaching all-time highs last week.

Lower demand was also observed in the bond market, raising the 10-year Treasury bond rate by 2.3 basis points, reaching 1.60 percent.

The peso

Today’s corrections in the bond and capital markets raise the probability that the dollar will show an upward correction as of Tuesday’s session, which could push up the exchange rate.

If an upward correction in the exchange rate is observed, it would not imply a change in trend, which for now remains downward.

It should be added that little relevant economic information will be published during Tuesday’s session, so that movements in the exchange rate and in most financial markets will depend mainly on speculative adjustments and not on changes in expectations of macroeconomic fundamentals.

In the session, the euro touched a low of 1.1943 and a high of 1.2048 dollars per euro.

Finally, the euro peso touched a minimum of 23.7911 and a maximum of 23.9158 pesos per euro.

At the close, interbank quotes for sale were 19.8177 pesos per dollar, 1.3987 dollars per pound and 1.2037 dollars per euro.

 

Gabriela Siller; PhD

Director of Economic-Financial Analysis.

Banco BASE

 

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