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The Mexican currency closed the session trading at 18.99 pesos per dollar, showing an appreciation of 1.72% the 32.1 cents, playing a minimum of 18.65 and a maximum of 19.03 pesos per dollar.
The peso became the most depreciated currency among the main crossings in front to the dollar and is related with the appreciation of the Japanese yen, which is the third most appreciated currency.
The Japanese yen closed the session trading at 145.36 yen per dollar and appreciated 0.84%. An analysis of Base Bank He explained that the strengthening of the Japanese yen reduces the attractiveness of carry trade positions that favor the Mexican peso.
“With this strategy, you get earnings by borrowing in countries with low interest rates and investing in countries with high rates, as in the case of Mexico”, Gabriela explained Siller Pagaza.
Another factor driving the depreciation of the peso is that, he said, risk aversion increased due to the strike of the Judiciary and the possibility of approving constitutional reforms in the short term.
Business chambers have warned that advancing such a reform could slow the arrival of foreign investment, increase nervousness in the markets and create volatility in the exchange rate.
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2024-08-25 01:43:31