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The peso gains against the dollar: it is trading at 20.40

The peso closed the session with an appreciation of 0.74% or 15.1 cents, trading around 20.40 pesos per dollar, with the exchange rate touching a minimum of 20.3504 and a maximum of 20.5557 pesos.

The appreciation of the peso occurred alongside several currencies of commodity-producing economies, after a strengthening of oil prices was observed.

WTI closed the session with an increase of 2.55%, trading at 63.24 dollars per barrel, reaching a maximum of 63.37 dollars, a level not seen since January 8, 2020.

The optimism came mainly on the news that inventories at a storage facility in Europe fell to their lowest since September 2020.

Another factor that supported the optimism was the publication of the weekly report of the Administration of Energy Information of the United States, where it was observed that the production of crude oil fell by 1.1 million barrels per day due to the low temperatures.

The peso

In the foreign exchange market, the most appreciated currencies were the New Zealand dollar with 1.53%, the Norwegian krone with 1.13%, the Russian ruble with 1.06%, the Mexican peso with 0.74%, the Australian dollar that advanced 0.61% and the Canadian dollar with 0.61 percent.

It is important to note that the dollar weighted index closed with a 0.19% decline, accumulating five consecutive sessions down with a 0.77% drop in the period.

The Fed

This is because Fed Chairman Jerome Powell once again pointed out to the US Congress that the economy continues to need the support of monetary policy, as there is a long road to recovery for employment.

Capital markets reacted with gains during the session to Powell’s comments, allowing the S&P 500 to advance 1.14% and the Nasdaq to close with a gain of 0.99 percent.

Powell’s positioning also contributed to the fact that interest rates in the bond market moderated their increase.

During the morning, the 10-year Treasury bond rate reached a maximum of 1.4337%, a level not seen since February 21, 2020, causing a sporadic strengthening of the US dollar. As the session progressed, the 10-year rate stood at a level of 1.37%, showing an increase of 3 basis points compared to yesterday’s close.

In the session, the euro touched a minimum of 1.2109 and a maximum of 1.2175 dollars per euro.

Finally, the euro peso touched a minimum of 24.7443 and a maximum of 24.9536 pesos per euro.

At the close, the interbank prices for sale were located at 20.3960 pesos per dollar, 1.4138 dollars per pound and 1.2168 dollars per euro.

 

Gabriela Siller; PhD

Director of Economic-Financial Analysis.

Banco BASE

 

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