He mexican peso is appreciated against dollar Tuesday morning. The local currency advances in the face of a weakening of the greenback in a market attentive to US labor data and the comments of some officials of the Federal Reserve (Fed).
He exchange rate spot It is located at the level of 20.3507 units per dollar. Compared to the official closing of 20.3926 pesos yesterday, with the data of Bank of Mexico (Banxico), this means a recovery of 4.19 cents for the currency, equivalent to 0.21 percent.
He dollar price It moves in a range with a maximum of 20.4331 units and a minimum level of 20.3212. He Dollar Index (DXY), from the Intercontinental Exchange, which compares the US currency with six reference currencies, rises 0.27% to 106.16 points.
Today investors expect USA the publication of the report on the Job Vacancies and Labor Turnover Survey (JOLTS), as well as comments that some Fed officials will give in various spaces during the day.
“The appreciation of the Mexican peso occurs at the same time as a decline in the US dollar, given speculation that the Fed will cut the rate in its decision on December 18,” analysts from the local firm Banco Base highlighted in a report. .
Fed Governor Christopher Waller said on Monday he was leaning toward cutting the key rate in December, while New York Fed President John Williams said it was likely the central bank would continue lowering its target for the rate. interest.
Fed funds futures incorporate a nearly 73% chance that the central bank will cut rates at its meeting, according to CME Group’s FedWatch tool. This would place the rate range between 4.25%-4.50%, with three reductions.
Earlier, the National Institute of Statistics and Geography (Inegi) reported in its National Employment Survey that Mexico’s seasonally adjusted unemployment rate was 2.5% in October. On a non-seasonally adjusted basis, the rate was 2.5 percent.
“Today, the Mexican peso is favored by the decline of the dollar and a good reading in the October unemployment rate, which showed a decrease and gives Banxico room to maintain its rate unchanged on December 19, if necessary. “Monex said.
