The Mexican Peso Friday maintained a seven-day streak of gains and four weeks of appreciation and Its best level against the dollar Since March 2020. The positive reaction is due to the weakness of the US currency and the absorption of the minutes of the Bank of Mexico meeting.
The Mexican currency estimated at 0.85 percent, by which exchange rate was located in 19.60 pesos per dollar, Which ended the seventh day of gains and its best level against the US currency since March 2020.
The peso touched a minimum of 19.5504 and a maximum of 19.7905 units per dollar during the day.
Compared to the previous Friday, the peso rose by 1.4 percent, which means a positive rally for four weeks.
Investors are mergingor other position extremist Board of Governors of Banco de México The next move will be 75 basis points,” said Janneth Keyrose, deputy director of economic analysis at Monex.
He added that dollar index Investors suffered slight losses at the beginning of the session, to remain close to the lowest level in a month, because after knowing the minutes of the recent monetary policy meeting of the Federal Reserve, investors are reassessing their expectations for a future rate hike on the federal funds, amid signs that the central bank may It slows or even stops the tightening cycle later this year.
in bank windowThe dollar is sold at 20.06 units, according to Citibanamex data.
As for the Bloomberg Dollar Index, which measures the strength of the US currency against a basket of 10 currencies, it fell 0.30 percent to 1225.31 points.
As for the dollar index (DXY), it fell 0.11 percent to settle at 101,674 points.
This is partly due to inflows of dollars into Mexico for exports, which in 2022 are expected to show 10 percent annual growth compared to 2021, a forecast that could be adjusted upward. Likewise, remittances have reached historic levels and contributed to a decline in the current account deficit in the first quarter by 1.9 percent of GDP.”
The major currencies gaining against the dollar is the New Zealand dollar with a rate of 0.89%. South Korean won by 0.89%. The Polish zloty increased by 0.86%. The Norwegian krone increased by 0.84 percent. And the Australian dollar by 0.80 percent. The Turkish lira is 0.78 percent and the South African rand is 0.60 percent.
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