The peso had its best level against the dollar since August 20, in the midst of a generalized decline of the dollar.
The exchange rate was at 19,0424 pesos per dollar, the best level for national currency since August 20, 2024, according to Banxico closing data.
The weight was appreciated on Monday 0.33% and thus added four sessions with appreciations in front of the American currency.
The Mexican currency has remained oscillating at its best level since August, with an accumulated return of 1% in the last four days, according to data from the Central Bank.
Lee: Weight has its best level since the end of August
“The trend is still mainly due to the weakness of the US dollar that has been practically deprecically deprecically depreciated in the face of all three months,” said specialist Roberto Galván, in an analysis report for Intercam Casa de Bolsa clients, according to a reuters report prior to closing.
“Technically we are already at the level of extreme overalls in the medium term and although we do not rule out that there is more depth in the price, we cannot stop seeing that a technical return is latent,” he said.
The Base Financial Group presented in an analysis prior to the closure that the appreciation of the peso is due to the weakening of the US dollar of 0.22%, according to the weighted index that measures the green ticket in front of a basket of currencies, and the possibility that Banxico reduces or pause the cuts of its interest rate after the progress of the inflation in the country.
Lee: Mexico year -on -year inflation exceeds the official goal in May
“The exchange rate has already sustained the level of 19.20 pesos per dollar and is gradually directed at the psychological level of 19.00 pesos, which makes the downward trend more evident for the exchange rate. For now, the relevant support for the exchange rate is at the psychological level of 19.00 pesos per dollar. However, everything indicates that the weight can be ready to break said support and go towards the level of 18.80 pesos. indicated.
With information from Francisco Rivera and Reuters
