The peso gains as the US dollar weakens

The peso closed the session with an appreciation of 0.47% or 9.4 cents, trading around 19.77 pesos per dollar, with the exchange rate trading between a minimum of 19.7634 and a maximum of 19.9486.

The appreciation of the peso occurred alongside a weakening of the US dollar that closed with a 0.17 percent decline.

Likewise, the most appreciated currencies were the Turkish lira with 1.67%, the Hungarian forint with 1.16%, the Mexican peso and the Canadian dollar with 0.31 percent.

The appreciation of the peso was accentuated from 9:00 am, when a conference on financial markets began with the participation of Richard Clarida, vice president of the Federal Reserve, and Raphael Bolstic, president of the Fed’s regional office in Atlanta.

The downward movement of the exchange rate coincides with comments from Clarida, in which it reiterated that inflationary pressures this year are expected to be transitory, while there is still a need to continue supporting the labor market so that it reaches consistent levels with full employment.

From a technical point of view, a consolidation of the exchange rate below 19.80 pesos, opens the door to pierce the support of 19.70 and from there to the minimum in the year of 19.5494 pesos per dollar.

The mexican peso

It is worth mentioning that several currencies were also favored by greater optimism in the commodity markets, which caused energy prices to register gains during the session.

The price of WTI registered an increase of 1.45%, trading at 66.32 dollars per barrel.

It is important to mention that the price of WTI has risen gradually during six of the last seven sessions, accumulating an increase of 2.53% and is again near the maximum in the month of 66.76 dollars.

In the year, the WTI has only closed four times above 66 dollars per barrel, including today, resistance that has not been able to be pierced in a sustained manner.

If it consolidates above US $ 66 per barrel, additional increases in the price of oil could favor the currencies of countries that produce raw materials, including several emerging economies.


Tomorrow the first meeting of the Free Trade Commission of the T-MEC will be relevant with the participation of the representatives of the three countries, where the issue of labor rights in Mexico will be discussed and in particular two cases that were presented in the cities of Silao and Matamoros.

What is said at the meeting is unlikely to have an effect on the foreign exchange market.

However, it will be the first meeting between the trade representatives of the three countries after the beginning of the Biden presidency, in which they have made remarks about the recent changes in energy legislation in Mexico, which according to participants from the industry in the United States goes against the USMCA.

In the session, the euro touched a minimum of 1.2126 and a maximum of 1.2169 dollars per euro.

For its part, the euro peso touched a minimum of 24.0314 and a maximum of 24.2284 pesos per euro.

At the close, the interbank quotes for sale stood at 19.7708 pesos per dollar, 1.4142 dollars per pound and 1.2155 dollars per euro.


Gabriela Siller; PhD

Director of Economic-Financial Analysis.

Banco BASE