The peso appreciated this Monday driven by a wave of risk appetite amid prospects of a cooling of trade tensions between the United States and China, the two largest economies in the world.
The peso was trading at 18.4131 per dollar, with a gain of 0.16% compared to the 18.4418 units of the LSEG reference price on Friday.
“We consider that the recovery bias will prevail, after continuing to respect the support located at the 50-day moving average at 18.50,” Grupo Financiero Banorte said in an analysis note.
“In this context, the closest resistance that will be tested is located at 18.30. We suggest holding positions,” he added.
The top economic officials of China and the United States on Sunday outlined the framework of a trade agreement for US President Donald Trump and his Chinese counterpart, Xi Jinping, to make a decision this week at their long-awaited meeting in South Korea.
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BMV rises due to commercial optimism
The Mexican Stock Exchange (BMV) advanced at the opening this Monday, encouraged by a wave of risk appetite amid signs of cooling of trade tensions between the two largest economies in the world.
The leading index S&P/BMV IPC .MXX rose 0.28% to 61,314.77 points, in a market also with its eyes set on the corporate results season for the third quarter.
The shares of the pharmaceutical company Genomma Lab led the increases, with 4.20% more to 18.36 pesos, followed by those of the media giant Grupo Televisa, which added 2.03% to 9.04 pesos.
With information from Reuters
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