The Super Peso is trading at 18.00 to the dollar, the best level since 2018.

The Super Peso is trading at 18.00 to the dollar, the best level since 2018.

He weight The Mexican momentarily broke the technical threshold on Friday morning $18.00 and stood at values ​​that had not been reached since April 2018.

Before dollar weakness and an increase in risk appetite, the local currency strengthened and accumulated some profit over 2.5%trading at nearly five-year highs.

The peso traded at 17.9760 to the dollar, only to return some of its gains to 18.0245 later, recording a one-unit gain. 0.50% against Reuters reference price on Thursday.

The climax of the day caused the local currency to break psychological level at $18.00 and beating some analysts’ expectations.

“During the session, the exchange rate is expected to trade between 18.00 and 18.15 pesos per dollar,” said Gabriela Siller, head of analysis at Base Bank.

In the same note, Siller emphasized that behind the strength of the peso is the weakness of the US dollar due to increased appetite for the currency. risk underpinned by positive economic data from China And falling producer prices in the euro area.

The US dollar was on track for its first weekly decline since January against major currencies on Friday as traders analyzed international economic data and tried to assess the direction of the United States monetary policy. Federal Reserve.

On the other hand, more positive analysts at Intercam Banco pointed out that if the peso breaks the “outstanding figure” of $18, the projection will mark “17.93 as strong support of the day.”

(Reuters)

Source: Aristegui Noticias

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