The peso was appreciated before a generalized decline of the dollar while the BMV descended in a volatile market in the hours prior to the imposition of 25% American tariffs on steel and aluminum.
During the day, President Donald Trump lashed out at Canada for his reprisals to previous taxes, doubling the import rights rate for Canadian metal products, which generated fears of a commercial war.
The peso was quoted at 20,2480 per dollar almost at the end of the businesses, with a gain of 0.52% compared to the LSE reference price on Monday, although during the morning up to 20,4060 units came to weaken.
“Chaos continues in Trump’s tariff policy,” said Cibanco firm, in an analysis note. “So the risk of a commercial war does not disappear. Most countries have declared that they will respond with retaliation tariffs, ”he added.
Lee: Lost quarter? Chaotic application of Trump tariffs luked to the Mexican economy
Concerns about the impact of rates have also contaminated perspectives for the Mexican economy. Experts do not rule out that they can show a slight contraction in the first quarter, facing a “technical recession.”
The referential shareholding index S&P/BMV IPC yielded 0.42% to 51,510.68 points, after falling during the day just over 1%, extending a marked wave of liquidations that began in the previous day.
The titles of Grupo Bimbo, one of the largest world producers of bread, led the casualties on Tuesday, with 3.77% less than 54.63 pesos, followed by those of the Chedraui retailer that reduced 2.87% to 112.11 pesos.
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In the debt market, the primary yields of the Treasury Certificates (CETES) fell more than 10 basic points in the weekly auction of government values, with the exception of the CETE referential rate to 28 days that only decreased a base point to 9.14%, even so, it reached its lowest level since October 2022.
With Reuters information
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