The peso’s gain is due to a general weakening of the US dollar of 0.20 percent according to the weighted index. It is also the first time that the Mexican peso has gained ground for 11 consecutive sessions since December 22, 1994.
The Mexican currency accumulated a positive streak of 11 consecutive sessions of appreciation against the US dollar and at the beginning of the day this Friday it managed to position itself up to 19.97 pesos per dollar , with the exchange rate touching a maximum of 20.0964 and a minimum of 19.9646 pesos, a level not seen since September 23, 2021.
Until this morning, the peso added an appreciation of 4.64 percent or 97.2 cents.
According to data from Grupo Financiero Base, it is the first time that the Mexican peso has gained ground for 11 consecutive sessions since December 22, 1994, when the free-floating exchange rate regime began in Mexico.
The peso’s gain in is due to a general weakening of the US dollar of 0.20 percent according to the weighted index. In that sense, the most appreciated currencies this morning were the Russian ruble with 3.53 percent, the Polish zloty with 1.13 percent, the Brazilian real with 0.74 percent, and the Mexican peso with 0.61 percent.
Paridad peso dólar
Del 7 al 25 de marzo de 2022
En las dos semanas intermedias de marzo, la moneda mexicana ha ido ganando terreno frente al dólar estadounidense. El 22 de marzo inició la sesión cotizando alrededor de 20.25 pesos por dólar, un nivel no visto en un mes, pero tres días después, el 25 de marzo, la paridad acumuló 11 sesiones consecutivas de ganancias para el peso cotizando en 19.97 por dólar.
“The performance of the foreign exchange market occurs alongside an increase in risk appetite in global financial markets at the end of the week, despite the fact that positive economic news has not been released,” explained Gabriela Siller, director of analysis of Basic Bank.
Until the cutoff at 9:42 am, the dollar continued to lose against the peso, reaching 19.92 currencies per parity.
Data from the Bank of Mexico (Banxico) showed that the interbank dollar stood at 20.13 pesos, while in windows the US currency is sold for up to 20.50 pesos (Banco Afirme).
The weekly gain of the peso against the dollar was not altered by the published inflation data in Mexico (which was placed at 7.29 percent per year), nor by the advance announcement made by President Andrés Manuel López Obrador on the monetary policy of the Banxico, on the rise in the interest rate by 25 basis points and with what was placed at 6.5 percent.
Already on March 22, it was reported that the peso had recovered its levels prior to the unleashing of the Russian invasion in Ukraine, with an appreciation of 0.44 percent that positioned the peso-dollar parity at 20.27 Mexican pesos. The report at that time showed that the gains obtained had not been seen since a month earlier, that is, on February 23, when the conflict between the post-Soviet countries escalated.
The advance of the Mexican peso also arises although the president of the Federal Reserve, Jerome Powell, put on the table a possible increase of 50 base points in the interest rate, due to the rise in inflation in the United States.
As for the Mexican Stock Exchange (BMV), it opened the Friday session with minimal losses of 0.04 percent, with which the main indicator, S&P/BMV IPC, was placed at 55,809.20 units.
Meanwhile, Wall Street opened the day in mixed territory and the Dow Jones Industrials, its main indicator, rose 0.18 percent with the market pending the evolution of the war in Ukraine and the increase in inflation.
A quarter of an hour after the start of operations on the New York Stock Exchange, the Dow Jones advanced 63.57 points, to 34,771.51, while the selective S&P 500 rose 0.11 percent or 5.01 integers, to 4,525.17. For its part, the Nasdaq index, which brings together the most important technology companies, was the only one operating in the negative and cut 0.21 percent or 29.16 units, to 14 thousand 162.68.
New York’s stock seems poised to close its second consecutive week of gains despite nervousness about the Russian invasion of Ukraine, which began a month ago, and the tightening of monetary policy in the United States.
For its part, the oil market slowed its rise after Washington and the European Union agreed on Friday to increase exports of liquefied natural gas to the alliance to reduce its dependence on Russian hydrocarbons. The price of Texas Intermediate Oil (WTI) opened this Friday with a decrease of 2.3 percent, reaching 109.75 dollars a barrel.
Despite the losses, everything indicates that the WTI will end the week with a revaluation of around 4 percent due to the pressure on the market derived from the war in Ukraine and the economic sanctions on Russia. It should be remembered that the price of Texas has shot up 20 percent in the last month alone, pressured by the war in Eastern Europe, and 80 percent in the last year as a whole, given the growing global demand generated by the economic reactivation after the COVID-19 crisis and the limited supply.
The day of March 24, the price of a barrel of Brent oil for delivery in May ended in the London futures market at 117.99 dollars, 3.04 percent less than at the end of the previous session.
North Sea crude, a benchmark in Europe, ended the day on the International Exchange Futures down $3.70 from the last trade, when it closed at $121.69.
In the case of the Mexican oil mix, as of March 24, the price per barrel stood at 110.34 dollars according to the digital portal of Petróleos Mexicanos (Pemex). Levels above 100 dollars of the Mexican oil mixture were not seen since 2014, and it has even exceeded the maximum prices reached since 2013.
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