Mexican peso advances and outlines its first positive week in 2023

The Mexican peso is appreciated in front of American dollar this Friday. The local currency is gaining ground in the face of general investor optimism for a better economic outlook and is shaping up for its first positive week this year.

The exchange rate spot It is located at the level of 19.2064 units against an official closing of 19.3298 units yesterday, with the data of the Bank of Mexico (Banxico). The move leaves the coin a gain of 12.34 cents, or 0.64 percent.

The crossing operates in a limited range between a maximum of 19.3470 units and a minimum of 19.2495 units. The Dollar Index (DXY), which measures the greenback against a basket of six reference currencies, advanced 0.47% to 105.54 units.

US nonfarm payrolls rose 223,000 in December, the Labor Department reported. Data for November was revised down to show 256,000 jobs and not the 263,000 previously reported.

Investors are closely watching the jobs data in the largest economy, with particular interest in the possibility that inflation and rates continue to rise and the economic strength of the United States to support that scenario.

“The increases in the peso could be limited, since a triple floor was established at the level of 19.30 units per dollar. If it breaks it, the next important support is at 19.18,” Monex said in an opening report sent to clients.

jose.rivera@eleconomista.mx