The peso had its best appreciation at the close since August 23, driven by reports that Donald Trump would be studying the imposition of less aggressive tariffs on US imports, although the president-elect denied the information.
The Washington Post reported that current tariff discussions among the future president’s advisors were focused on taxing only certain sectors considered critical to national or economic security. Trump later said the article was false.
The dollar stood at 20.3096 pesos, an appreciation of 1.75% for the national currency compared to the previous session, according to data from Banxico.
“What we see is a bit of optimism,” said Jacobo Rodríguez, financial specialist at the analysis firm Roga Capital. “Today we are practically returning to average volume levels,” he added.
Read: Trump advisers target critical areas to impose tariffs: The Washington Post
The peso has suffered strong pressure in recent months due to threats to tax Mexican exports, one of the main sources of foreign currency for the country that has its main trading partner in the United States.
Read: Peso advances almost 2% after reports that Trump would reduce tariff plan
For the next few days, Rodríguez said he expects the currency to trade in a range of 20.10 to 20.30 units attentive to any news about the policies of Trump, who will take office on January 20.
“The peso benefited from rumors of possible less aggressive tariff measures by the US, mitigating part of the feeling of global risk aversion,” the Monex financial group stated in a report.
“Towards overnight, we would expect the peso to oscillate in a range between $20.24 and $20.48, considering the current trend and expecting little data on tomorrow’s agenda,” he added.
For now, investors are awaiting the non-agricultural employment report in the United States that will be released this week, while in Mexico inflation data and the minutes of the central bank’s most recent monetary policy meeting will be published.
Stock market advances 1.10%
The benchmark S&P/BMV IPC stock index advanced 1.10% to 49,493.56 points, with a volume of 139.9 million shares traded.
The titles of the media giant Grupo Televisa led the increases, with 7.54% more to 7.56 pesos, followed by those of Grupo Financiero Banorte, which added 4.11% to 142.94 pesos.
In the secondary debt market, the 10-year bond yield ended unchanged from its previous close at 10.38%, as did the 20-year rate which ended the session at 10.61%.
With information from Reuters
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