2024-04-15 16:42:51
During the market opening for this Monday, April 8, the Mexican peso began the day with a new historical appreciation against the American dollar, since an exchange rate equivalent to 16.35 units was recordeda fact that has not been seen since August 2015.
According to Bloomberg, the national currency suffered an appreciation of 0.59 percent, with this The so-called “Superweight” continues to have a positive streak against the US currency, fueling the possibility of breaking the barrier of 16 units.
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This new historical low of the Mexican peso occurs a few days before the new meeting of members of the United States Federal Reserve on April 11, in addition to the new publication on the price level in the United States this Wednesday, April 10.
Let us remember that in past weeks, the Bank of Mexico (Banxico) made the first cut in interest rates by 25 basis points, the objective to reach 11 percent, this fact occurred after a cycle of 15 consecutive increases in the last 21 months.
The behavior of the Mexican peso may have some variations when the first inflation data in Mexico for the month of March are releasedfor the moment the national currency remains one of the strongest on the continent.
This is how the exchange rate is carried out in some of the banks in our country:
- Banorte – Buy: 15.40, Sell: 16.75
- BBVA – Buy: 15.51, Sell: 16.65
- Citibanamex – Buy: 15.87, Sell: 16.78
- Santander – Buy: 15.46, Sell: 16.96
Observations to highlight
The appreciation of the peso continues to be due to the currency flows that come to the country through exports, remittances and foreign investment, the wide differential between the interest rate of Mexico y USA and the expectation that Mexico will benefit from the opportunity of nearshoring.
Likewise, it occurs despite speculation that the Federal Reserve will be more cautious to begin cutting the interest rate, making the first cut until September 18.
It is worth remembering that last week several officials of the Federal Reserve They showed a restrictive tone. In the money market, the rate on bank notes Tesoro 10 years shows an increase of 4.4 basis points, standing at 4.45% and playing a maximum of 4.46%not seen since November 27, 2023
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2024-04-15 16:42:51