The peso rebounded after three consecutive days of losses of more than one percentage point after the inflation data in the United States was released, which was in line with what was expected, keeping intact the bets of a new interest rate cut by the Federal Reserve in December.
At the local level, participants have their sights set on Banco de México’s monetary policy decision on Thursday, with the expectation of a reduction in its key rate, in addition to the presentation on Friday by the Treasury of the draft budget for the next year.
The dollar stood at 20.5149 pesos at the close, an appreciation of 0.75% for the national currency compared to the previous day, according to data from Banxico.
Read: US inflation rises two tenths in October to 2.6% and abandons its streak of declines
In the three previous sessions, the peso added a loss of 4%, in a market that continues to weigh the implications of a new Donald Trump administration in the United States.
“It is a slight correction,” said Eduardo Ramos, senior market analyst at broker VT Markets Latam, adding that going forward the peso could remain under pressure.
“Seeing trading ranges between 20.50 and 20.80 for the following days is something that I consider will be normal,” he said.
“The peso is consolidating around the level of 20.50 pesos per dollar, while the market remains waiting for the monetary policy decision of the Bank of Mexico tomorrow,” the Base financial group indicated in a report.
In the morning, President Claudia Sheinbaum announced a new tax regime for Pemex, in an effort to boost the company, whose swollen debt keeps government coffers under pressure, although the news had little impact on the market.
Stock market falls 0.68%
The benchmark S&P/BMV IPC stock index fell 0.68% to 50,747.63 points, in its fourth consecutive day of decline.
The shares of the pharmaceutical company Genomma Lab led the decline, with 3.93% less to 26.40 pesos, followed by those of the cement company Cemex, which subtracted 3.01% to 10.94 pesos.
In the secondary debt market, the 10-year bond yield fell seven basis points to 10.04%, while the 20-year rate fell 13 basis points to 10.28%.
With information from Reuters
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