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October 4, 2024
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Mexican peso operates with profits and profiles first positive week in Sheinbaum’s government

Mexican peso operates with profits and profiles first positive week in Sheinbaum's government

He mexican peso is appreciated against US dollar this Friday morning. The local currency extends its advance, contrary to the behavior of other main currencies, and is set to close the first week of the government of Claudia Sheinbaum.

He exchange rate spot is located at the level of 19.1745 units per dollar. Compared with an official closing of 19.3662 units yesterday, with the data from Bank of Mexico (Banxico), this means a gain for the currency of 19.17 cents, equivalent to 1.00 percent.

He dollar price It moves in a range with a maximum of 19.3960 units per dollar and a minimum of 19.1116 pesos. He Dollar Index (DXY), from the Intercontinental Exchange, which measures the greenback with a basket of six currencies, advances 0.49% to 102.49 units.

The dollar strengthens after solid employment figures in the United States. The non-farm payrolls report showed an increase of 254,000 jobs in September, much higher than expected by analysts. Additionally, the unemployment rate fell from 4.2% to 4.1 percent.

Although the figures reduce the possibility that the Federal Reserve make a big interest rate cut at one of its two remaining meetings this year, sent good signals about the world’s largest economy, which is also Mexico’s largest trading partner.

“The data on employment in the United States are contrary to the vision of an economic slowdown that could permeate our country, in addition to marking a more moderate pace of cuts for the Fed,” analysts at Grupo Financiero Money said in a note.

In local figures, earlier the National Institute of Statistics and Geography (Inegi) reported that automobile production in Mexico increased 11.71% annually last month, while exports rose 4.77%.

“The currency has confirmed the breaking of the 19.50 barrier and above all the breaking of the 50-day moving average at 19.46, and now, as indicated by the technical indicators, the peso can extend the appreciation to 19.10-19 per dollar,” explained Vector Analysis.

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