The peso appreciated on Friday, while the Mexican stock market recorded new historical highs, on a day of reduced liquidity and without relevant economic data due to the end-of-year holiday period.
The relative stability of local markets was also attributed to the expectation that the US Federal Reserve could continue reducing interest rates next year, while Banco de México would pause its monetary easing cycle.
The peso was trading at 17.8853 per dollar in the final stretch of business, with a gain of 0.13%, in a market also attentive to a weakening of the Japanese yen, given the absence of economic references in the calendar, specialists agreed.
“The peso is strong, but also very close to areas where the market usually takes profits,” said Felipe Mendoza, executive director of the investment manager IMB Capital Quants.
“For the next few days, the base scenario is consolidation with a lateral bias, an exchange rate moving in ranges, with micro-movements amplified by low liquidity at the end of the year,” he added.
The benchmark S&P/BMV IPC stock index advanced a marginal 0.04% to 65,645.79 points, according to preliminary closing data, although in the morning it recorded a new maximum record of 65,882.59 units.
The session recorded a volume of just 23.1 million shares traded, well below the daily average of recent months, close to 200 million.
The shares of the mining company Industrias Peñoles rose 2.59% to 980.99 pesos, driven by an appreciation in international silver prices, followed by those of the telecommunications firm Megacable, which added 1.70% to 52.09 pesos.
In the secondary debt market, the 10-year bond yield rose five basis points to 9.05%, the same as the 20-year rate, which ended at 9.61%.
With information from Reuters.
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