He mexican peso was appreciated against US dollar this Tuesday, for the second consecutive day. The local currency advanced in a day of erratic movements, influenced by nervousness in the market related to the elections in the United States.
He exchange rate It ended the day at the level of 20.0788 units per dollar. Compared to yesterday’s record of 20,1512 units, with official data from the Bank of Mexico (Banxico), this movement meant a gain of 7.24 cents, equivalent to 0.36 percent.
He dollar price It moved in a range with a maximum of 20.3571 pesos (at its highest level in more than two years) and a minimum of 20.0586 pesos per dollar. He Dollar Index (DXY), which measures the greenback with a basket of six currencies, fell 0.43% to 103.44 points.
Operators remain attentive to the elections in the United States, the results of which could be known in days or weeks, due to the tightness of the race. The possibility that donald trump win pushed the peg to a September 2022 high.
“Intraday operations showed cautious behavior and reaffirmed a bias towards Trump’s victory. This boosted positions towards the sale of short-term assets,” highlighted José Feliciano González, professor at the Banking and Commercial School (EBC).
Local assets are weakened by the possibility that a Trump victory will affect the trade relationship between Mexico and the United States, with its proposals for tariffs and a renegotiation of the T-MEC. But the congressional process will also be important.
“A Trump victory with a divided Congress would translate into increased tariffs, positive for the dollar, but not a tax cut. If the Republicans win Congress, the boost to the dollar would be greater,” said Renato Campos, an analyst at Squared. Financial.
On the contrary, the analyst said that a victory for Democrat Kamala Harris would maintain the “status quo”, so it would be neutral in the long term for all markets, while in the short term it would generate a weakening of the dollar in the markets.
