The weight and BMV advanced this Wednesday after risk aversion was moderated with respect to Mexico in relation to the TMEC, according to the Base Financial Group.
“The appreciation of the weight was mainly due to the fact that risk aversion has been moderated with respect to Mexico, after yesterday Donald Trump made positive comments on the TMEC, denying that he has planned a termination of the treaty,” said the firm.
The progress of the weight and the stock market was given in a session marked by the expected decision of the Fed to keep its reference interest rate stable, while investors are expectant to an eventual relaxation in commercial tensions between the United States and China.
The Federal Reserve maintained the key interest rate between 4.25% and 4.50%, but said that the risks of greater inflation and unemployment had increased, clouding even more the economic perspectives at a time when the United States Central Bank dealt with the impact of the tariff policies of the Government of Donald Trump.
“This pause was widely anticipated by the market, since last month the Fed had pointed out an approach to ‘wait and see’, considering that economic conditions gave margin to calmly evaluate the impact of tariffs,” said Monex on an analysis note.
Lee: Trump says that Mexico and Canada do not respect the TMEC and that it will soon ‘renegotiate’
After the slight rise in the preceding day, the weight maintained positive numbers since the beginning of the session and came to quote in 19.55 units per dollar minutes before the announcement of the Fed, showing the best performance in a basket of emerging currencies.
The peso quoted towards the closure in 19,6014 per dollar, with a rebound of 0.31% compared to the reference price of Tuesday’s Reuters.
“From a technical approach, the indicators show indecision, so the exchange rate is stable in a stable 19.50 and 19.65 pesos per dollar. However, the downward pressures are increasing, which can lead to a change of tendency for the exchange rate,” said Banco Base.
“The door has been opened so that the weight is directed towards the support of 19.45 pesos. Upwards, the important resistances are found in: 19.75, 19.90 and 20.00 pesos per dollar,” he added.
The subgovernor of Banxico, Jonathan Heath, said that the issuing entity still has room to reduce its reference interest rate, although he clarified that monetary policy must still remain in restrictive territory.
In March, Banxico applied his second consecutive cutting cut to the key rate, taking it to 9%, its lowest level since September 2022.
“After the decision, the rate differential between the USA and Mexico remains at 450 bp (base points),” Monex said.
On Tuesday afternoon it was reported that the United States Secretary of the Treasury, Scott Besent, and the Chief Commercial Negotiator, Jamieson Greer, will talk over the weekend with the Chinese chief economic person in China, He Lifeng, in a possible first step towards resolving a commercial war that disturbs the world economy.
During the day, the operators also evaluated comments from the leaders of the three partner countries of the North American Trade Treaty – channel, the United States and Mexico – that would reinforce the expectation that the review of the agreement would be carried out in 2026, as planned, lowering fears of a possible rupture.
In the euro zone the retail sales report was disseminated earlier, which in March fell 0.1% at the monthly level and increased 1.5% compared to the same month of the previous year.
BMV rises 1.05%
The S&P/BMV IPC share index preliminary 1.05%, at 57,954.39 points, after climbing 2.7% in the previous session.
The titles of the Airport operator Grupo Aeroportuario del Pacífico (GAP) headed the profits with a rebound of 6.56%, to 435.81 pesos, followed by those of people, specialized in banking and credit services, which added 5.89%, to 38.47 pesos.
In the secondary debt market, the 10 -year bonus yield fell two base points to 9.33%, the same decrease that registered the 20 -year rate, which was 9.95%.
With Reuters information
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