The Mexican peso rose to levels not seen in four months on Wednesday amid a global weakening of the dollar, on continued expectations that the Federal Reserve could soon cut interest rates.
The local currency traded at 16.94 units on Tuesday, up 0.15% from the Reuters benchmark rate, although it had earlier briefly risen to 16.91 per dollar, its best level since August 31.
However, the meeting was characterized by a low number of participants due to the end-of-year holidays.
Mexico’s stock market fell on Wednesday, although it continued to hover around last week’s historic highs, in a market that fell due to the low flow of participants due to the end-of-year holidays.
The main S&P/BMV IPC index, which brings together the most traded stocks in the domestic market, fell 0.23% to 57,612.57 points shortly after the open.
The securities of the financial group Banorte led the decline, falling 1.24% to 171.48 pesos, followed by those of the pharmaceutical company Genomma Lab, which fell 1.14% to 13.91 pesos.
Source: La Neta Neta
Karen Clayton is a seasoned journalist and author at The Nation Update, with a focus on world news and current events. She has a background in international relations, which gives her a deep understanding of the political, economic and social factors that shape the global landscape. She writes about a wide range of topics, including conflicts, political upheavals, and economic trends, as well as humanitarian crisis and human rights issues.
