Mexican peso little changed on a volatile session

The Mexican peso shows little change in early trading this Monday. The currency is priced close to the official close on Friday in a volatile and indecisive open on a day when few economic benchmarks are expected.

The exchange rate spot is located at the level of 18.8734 units per dollar against a close of 18.8764 units on Friday, with data from Bank of Mexico (Banxico). This movement means an appreciation of 0.02% for the currency, less than one cent.

The pair operates in a limited range between a maximum of 18.9017 units and a minimum of 18.7924 units. The Dollar Index (DXY), which measures the greenback with a basket of six reference currencies, advances 0.19% to a level of 102.21 units.

The signs of indecision in the Mexican currency are observed after its first negative week of the year ended on Friday. Without waiting for relevant data, the market focuses on the quarterly reporting season of the fourth quarter.

This week there will be no speeches by members of the Federal Reserve, for a period of silence prior to his next announcement, on February 1. Some of its members said last week that rates will need to be raised above 5 percent.

“The dollar-weighted index shows little change, losing 0.01% against its main crosses, in a session in which little relevant information is expected,” local firm Banco Base said in an analysis note.

jose.rivera@eleconomista.mx