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The financial meeting of Jackson Hole which brings together leaders of the world’s most important central banks and economists this Thursday in USA, moved the stock markets a day before waiting for the tone of the message that he sends Jerome Powellpresident of the Federal Reserve.
“We are seeing a strong depreciation due to different local and international events and several currencies are experiencing a strong correction awaiting what emerges in the event of Jackson Hall on Friday“, he explained Janneth Quirozdirector of financial analysis at Monex.
Historically on this day, he said, the presidents of the Federal Reserve or some central banks make some important announcement about economic expectations. Quiroz added that in the local market, the possibility of the changes proposed by the central banks going ahead Andres Manuel Lopez Obrador to the Constitution with its proposal of 18 proposed reforms, which is known as Plan C eis generating uncertainty that is beginning to affect the peso.
“The implications that could exist open up a scenario of a possible slowdown waiting to happen at the start of the next legislature in the Congress of the Union, as volatility in the markets is anticipated.”
Meanwhile, the peso registered a depreciation of 1.16% or 22 cents, trading around 19.21 pesos per dollar, with the exchange rate touching a minimum of 18.9305, ranking as the most depreciated currency.
With the above, the peso adds three consecutive sessions of losses, accumulating a depreciation of 3.07% o 57.16 cents in this period.
The dollar strengthened 0.15% according to the weighted index, accumulating a depreciation of 1.18% in the three previous sessions, so the movement can be considered a rebound and is not necessarily a change in trend.
Monex said that in addition to these factors, an appreciation of the yen has been a blow to the peso in recent hours.
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2024-08-29 06:21:31