The Mexican peso rose on Wednesday to levels that have not been seen for more than a week due to global dollar weakness after it was reported that US consumer prices rose below expectations in March and the stock market fell after two trading sessions.
Investors’ attention was riveted to the minutes of the latest meeting of the Monetary Policy Council, released later that day. Federal Reserve (Fed). US central bank governor Mary Daly was also expected to attend the public event.
The national currency traded at the level of 18.07 units, having risen in price by 0.46% in relation to the reference price Reuters on Tuesday, although it previously hit 18.00 per dollar, its best level since April 4.
“The Mexican currency has been favored by good March inflation data in the United States, supporting expectations that the end of the Fed’s base rate hike cycle is near,” Monex Grupo Financiero said in a research note.
Unlike other major stock exchanges in the region, the reference IPC S&P/BMV Stock Index it fell by 0.66% to 54,242.61 points, also with an eye on the start of the corporate reporting season for the first quarter.
Over the previous two sessions, the local market has accumulated a gain of 2.1%.
Titles of the media giant TV Group They led the decline, falling 2.89% to 19.80 pesos, followed by Becle, the world’s largest tequila maker, which fell 2.76% to 45.49 pesos.
In that debt marketthe 10-year bond yield rose one basis point to 8.78%, as did the 20-year bond rate, which was 8.95%.
Source: Aristegui Noticias
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
