Mexican peso outlines its first streak of three gains in 2023

The Mexican peso It is appreciated for the third consecutive day in this 2023 and reaches levels not seen since the beginning of December. The local currency benefits from a drop in the dollar before its main peers, while the markets await the minutes of the Federal Reserve.

The exchange rate spot It is located at the level of 19.3372 units per dollar compared to yesterday’s closing of 19.3861 units, with the official data of the Bank of Mexico (Banxico). This means a loss of 4.89 cents, which is equivalent to a variation of 0.25 percent.

The cross operates in an open range between a maximum of 19.4188 units and a minimum of 19.2578 units, a minimum not seen since early December. The Dollar Index (DXY), which compares the greenback with six reference currencies, falls 0.43% to 104.07 points.

The local currency outlines its third consecutive advance amid optimism in the market for a less turbulent economic outlook in 2023, despite the fact that several risks persist, such as a recession caused by the highest interest rates in the world.

“The Mexican peso anticipates an advance session, at times appreciating almost 15 cents to 19.26 spot, its best level since the beginning of last December, pending relevant information such as the Federal Reserve minutes,” said Ci Banco.

The US central bank will issue the minutes of its December meeting later. They could contain signals about this year’s rate hike cycle. On Thursday, it will be Banxico who will give more information to the market with the minutes of their meeting.

jose.rivera@eleconomista.mx