The local currency lost more than 20 cents on Wednesday in a market bracing for significant economic data from both Mexico and the United States.The M
The local currency lost more than 20 cents on Wednesday in a market bracing for significant economic data from both Mexico and the United States.
The Mexican peso depreciated sharply on Wednesday, impacted by the strengthening of the dollar. The local currency lost more than 20 cents in a market preparing for relevant economic information from both Mexico and the United States.
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The exchange rate ended the day at 18.3648 pesos per dollar. With an official closing rate of 18.1291 pesos yesterday, according to the Bank of Mexico (Banxico), this represented a loss of 23.57 cents or 1.30%.
The dollar’s price fluctuated within a wide range between a high of 18.3660 pesos and a low of 18.0671 pesos per dollar. The Dollar Index (DXY) of the Intercontinental Exchange, which measures the greenback against six major currencies, advanced 0.46% to 106.09 points.
Traders are awaiting the release of the Personal Consumption Expenditures (PCE) Price Index in the United States, the Federal Reserve’s preferred inflation gauge, which could determine its next steps.
Federal Reserve Governor Michelle Bowman reiterated in the morning her view that “inflation will continue to decrease if the policy rate is maintained” and that it will “eventually” be necessary to cut rates if it drops towards 2%.
With this, the peso has accumulated a loss of 49.29 cents or 2.76% from the June low of 17.8719 pesos, which it reached on Monday, supported by local inflation data that bolstered bets on stable local rates.
Locally, investors are focused on Banxico’s monetary policy announcement on Thursday and the appointment of additional cabinet members by President-elect Claudia Sheinbaum Pardo on the same day.
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