The Mexican peso fell for a second day in a row on Tuesday, despite the dollar falling amid a challenging environment for emerging market currencies amid worries about the Chinese economy. The collapse of the Argentine peso it also shook the region’s currencies.
Mexican coin He again rose above the psychological barrier of 17.00 pesos, although he was able to show some resistance towards his Latin American counterparts, given the optimism caused by the strength of the United States economy.
The national currency was quoted at the level of 17.08 units. per dollar.down 0.27% from Monday’s Reuters reference price.
“Among emerging markets, the bias is negative and the Mexican peso is losing, continuing yesterday’s (Monday) depreciation of 0.3%,” Grupo Financiero Banorte said in a research note.
Investors are waiting for July retail sales data in the US, where the positive numbers are expected to show robust consumer activity in the world’s leading economy.
The economic agenda for Mexico is thin this week, so the main drivers for the currency are Chinese debt and economic activity problems, especially affecting the outlook for commodities markets, as well as data from the US.
The Mexican stock market tumbled on Tuesday in early trading under pressure from a red open on Wall Street and investors’ caution about riskier assets.
The leading S&P/BMV IPC index, which brings together the 35 most traded stocks on the market, fell 0.15% to 53,194.73 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.
