The dollar was 18,5329 pesos, the best level for the Mexican currency since July 26, 2024, according to Banxico closing data.
With the figures on Wednesday, the peso showed 0.57% compared to the previous session and spun four days with advances.
Earlier, the Reuters agency reported that the weight was appreciated by the good mood of investors globally after President Donald Trump announced a commercial agreement with Japan.
From the second half of April, a trend of appreciation of the peso began to be observed, with the currency quoting more consistently below 19 pesos per dollar, the Banamex financial group highlighted this week in an analysis note.
He considered that the progress has responded to the depreciation of the dollar with respect to most currencies associated with a lower appetite for US assets, given the deterioration in economic perspectives for that country.
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“In addition to the above, it would seem that, for markets, tariff threats are less and less credible, so reactions in this regard have remained relatively limited,” he said.
Banamex added that although, in the past the decrease in the differential of reference interest rates between Mexico and the United States led, in general, to a depreciation in the exchange rate, in the current context the external factors on the movements of the weight have predominated.
He explained that despite the fact that this differential has passed 550 base points in January to 350, the decrease in rates spread between Mexico and the US has had no significant effects on weight.
For that reason, he foresaw that the rest of the year the rate differential decreases slightly, a significant slide of the exchange rate related to this factor would no longer be seen.
He added that internal factors could become more relevant in the second half of the year, such as the nervousness that could be generated following the decisions about the tariffs that EU takes once the term of July 31 comes to reach an agreement, and of the possible start of the revision of the TMEC.
In addition, although it would seem that constitutional reforms and the reform of the Judiciary were already internalized by the markets, the group does not rule out that depreciation pressures derived from political factors are registered as some stabilization of the dollar is seen with respect to all currencies.
With information from Francisco Rivera
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