The peso had its best level against the dollar since the end of August due to expectations of a possible commercial resolution between Mexico and the US, and a dollar weakened by President Trump.
The exchange rate was 19,1054 pesos per dollar, the best level for the Mexican currency since August 23, when it closed at 19,0718, according to Banxico data.
For the weight it meant an appreciation of 0.23%and the third advance to thread, and in the weekly accumulated the gain was 1.50%, the best performance since Easter Week, when the appreciation was 2.20%.
The DXY dollar index consolidated its progress and closed with an appreciation of 0.46% compared to the previous closure, the Monex Financial Group reported in a report after the closing of the day.
He explained that the peso was affected during the morning due to the progress of the dollar, but that he later recovered his strength thanks to the expectations of a possible commercial resolution between Mexico and the US later.
“Towards the Overnight, we would expect the weight to oscillate in a range between $ 19.07 and $ 19.19, given the possibility of announcing some favorable negotiation for Mexico, given today’s meeting between the Secretary of Economy, Marcelo Ebrard, and US officials, as well as waiting to know the local inflation report on Monday,” the firm added.
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This Friday the Secretary of Economy, Marcelo Ebrard, met in the US with that country’s secretary of commerce, Howard Lutnick.
Prior to the meeting, the Mexican official had declared that he would ask Washington to also exclude Mexico from the duplication of steel and aluminum tariffs, a measure in force since Wednesday and from which the United Kingdom was saved.
After the meeting, Ebrard published a message on the social network X, but did not give details: “We conclude very cordial work meeting with @howardlutnick Secretary of Commerce of the United States. We move forward towards solutions for our two great nations !!”
Reuters reported that the exchange market was also encouraged by the publication on Friday of solid employment data in the US.
“The markets consolidated their positive tendency towards the closing of the week, backed by a solid employment report in the United States that evidenced strength in the labor market during May,” said analysts of the Actinver financial group in an analysis note.
The United States non -agricultural payroll increased by 139,000 jobs in May, above the expected, although the data was below April 147,000, while the unemployment rate remained stable at 4.2%.
In the Chicago Mercantile Exchange, the speculative positions in favor of an assessment of the Mexican currency recounted after three weeks decreasing.
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Base Bank attributed the weekly appreciation of the peso to the weakness of the dollar, propitiated by statements and protectionist measures of President Trump.
He pointed out that the American currency lost 0.38% in the week, with the dollar weighted index playing a new minimum not seen since July 20, 2023.
“The commercial protectionism of the United States generates economic slowdown in the United States and the possibility of renewed inflationary pressures. With this, the future of the dollar as a reserve currency and as an active refuge is questioned,” the financial group said in a report.
He added that other factors that have weakened the dollar are the publication of negative economic indicators for the US, which feeds the speculation that the Federal Reserve could cut its key interest rate in 25 base points on September 17.
BMV advances 0.49%
The referential stock index S&P/BMV IPC advanced 0.49% to 58,061.41 points, after falling in the morning just over 1%. Thus, the week ended with accumulated yield of 0.38%.
The shares of the Minera Industrias Peñoles led the increases, with 5.34% more to 490.88 pesos, its best closing level since March 2017, promoted by a rise in silver prices, its main product.
The titles of the megacable telecommunications firm were the seconds with the best performance of the session by adding 4.07% to 54.46 pesos, on their third day of profits.
In the secondary debt market, the 10 -year bonus yield amounted to a base point to 9.21%, instead the 20 -year rate dropped two, to 9.92%.
With information from Francisco Rivera and Reuters
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