Mexican peso appreciates slightly and closes a week of gains

The Mexican peso appreciated against the American dollar this Friday. The local currency gained ground slightly and closed a positive week, supported by the decline of the greenback due to bets of a moderation of the rate increases of the Federal Reserve.

The exchange rate closed the session at the level of 19.8101 units, compared to the close of 19.8581 units yesterday, with official data from the Bank of Mexico (Banxico). His move meant an advance of 4.8 cents, which is equivalent to 0.24 percent.

The pair traded in an open range between a high of 19.8918 units and a low of 19.8011 units. The Dollar Index (DXY), which measures the greenback with six strong currencies, recovered 0.16% to 110.76 points, after several sessions with falls.

Investors are bracing for the Federal Reserve’s monetary policy decision next week. Comments from some central bank officials have shown that one side believes interest rates should rise more slowly.

This week, from a level of 19.9345 units per dollar, the peso has recovered 12.44 cents, which is equivalent to a variation of 0.62 percent. The index that measures the dollar, meanwhile, has lost just over 1.10 percent in the same period.

jose.rivera@eleconomista.mx