The peso depreciated more strongly this Tuesday than other global currencies in the face of a general strengthening of the dollar and renewed concerns about an eventual victory for Donald Trump in the US elections in November.
The peso was trading at 19.8892 per dollar, with a loss of 1.04% compared to the reference price of Reuters on Tuesday, although earlier it weakened to 19.9410 units, a level not seen since mid-September.
Republican presidential candidate Donald Trump has stated that if he wins the elections he could impose tariffs of more than 200% on vehicles imported from Mexico, one of the engines of the local economy.
“Market participants are anticipating volatility and upward pressures for the exchange rate after the elections in the United States, scheduled for November 5,” said the firm Banco Base, in an analysis note.
The peso thus had three consecutive days of losses, with a cumulative decline of 3.3% and, according to analysts at Grupo Financiero Banorte, the rest of the session is expected to oscillate in a range of 19.73 and 19.95 per dollar.
Meanwhile, the Mexican Stock Exchange (BMV) showed marginal movements in its first operations on Wednesday, in a market with its sights set on the start of the local corporate reporting season for the third quarter.
The leading S&P/BMV IPC index, which groups the most traded shares in the domestic market, advanced a marginal 0.04% to 52,396.27 points.
The shares of the telecommunications giant América Móvil, owned by magnate Carlos Slim, gained almost 1% to 16.42 pesos, after it reported a solid quarterly report the day before.
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