The peso closed the session with a depreciation of 0.68% or 13.5 cents, trading around 20.05 pesos per dollar, with the exchange rate touching a minimum of 19.8695 and a maximum of 20.1634 pesos.
In the session, the peso was the second most depreciated currency in the broad basket of main crosses, behind the Chilean peso that lost 1.13%, followed by the South African rand that depreciated 0.40% and the Peruvian sol with 0.39 percent.
The fall in the Chilean peso was due to an adjustment in the price of copper after reaching record highs as the approval ratings of Sebastián Piñera‘s government worsened, reaching 9% during April, which generates political uncertainty since on November 21 presidential elections will be held and the probability that a candidate from the right will win is reduced.
For its part, the depreciation of the Mexican peso occurred alongside an increase in interest rates on Treasury bonds.
The 10-year bond rate rose 2.3 basis points to 1.63% but reached a maximum of 1.6860%, its highest level since April 12.
Asimismo, the interest rate increase occurred after the first quarter economic growth was published in the United States at 6.4% quarterly annualized, confirming an accelerated economic recovery that could push inflation upward in subsequent months.
The depreciation of the Mexican peso was not the result of a greater aversion to risk, but of a portfolio adjustment and a carry-over effect of the fall of the Chilean peso.
Tomorrow at 6:00 am the economic growth of Mexico corresponding to the first quarter is published.
Grupo Financiero BASE estimates that it will be at a quarterly rate of around 0.15% and an annual rate close to -3.3 percent.
In the session, the euro touched a minimum of 1.2102 and a maximum of 1.2150 dollars per euro. Finally, the euro peso touched a minimum of 24.0750 and a maximum of 24.4051 pesos per euro.
At the close, interbank prices for sale were 20.0480 pesos per dollar, 1.3941 dollars per pound and 1.2122 dollars per euro.
Gabriela Siller; PhD
Director of Economic-Financial Analysis.