The Mexican peso traded losses on Monday against a stronger dollar amid a search for safe-haven assets and turbulence in global markets over concerns about the health of the Chinese economy.
He dollar indexwhich compares against a basket of six currencies hit a one-month high on Monday as analysts say investors were buying dollars in response to China’s housing crisis and Beijing’s lack of stimulus.
The national currency was quoted at the level of 17.11 units per dollar.with a drop of 0.71% compared to the base price Reuters Fridays. The fall led to weight trade above the 17 mark again.
“Technical signs continue to indicate that price it can be defined up (down),” Grupo Financiero Monex analysts said in a note sent to clients.
The economic agenda for Mexico and the US is thin this week, so investors will focus on the minutes of the last meeting Federal Reserve Monetary Policy (FED) Wednesday forecast and economic data from China which will be released on Tuesday.
mexican bag fell in early trading on Monday, driven by a downturn in global markets and a red open Wall Street amid worries about the health of the Chinese economy and its gigantic real estate sector.
The main stock market index S&P/BMV IPC shed 0.52%, 52,960.53 points, shortly after the start of the session.
Reuters
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.
