The Mexican peso shows erratic behavior dollar this Monday morning. The local currency moves with indecision between profits and losses, while investors analyze new expectations for the rates of the Federal Reserve.
The exchange rate stands at 20.0174 units against a closing of 19.9814 units on Friday, with official data from the Bank of Mexico (Banxico). This means a drop of 3.6 cents for the peso, which is equivalent to a variation of 0.18 percent.
The cross trades in an open range with a high of 20.1508 units and a low of 19.9732 units. The Dollar Index (DXY), which measures the greenback against a basket of the other six G7 currencies, fell 0.11% and stands at the 108.69 point level.
The markets continue to digest a speech delivered last week by the president of the US central bank, Jerome Powell. The banker affirmed in his intervention in Jackson Hole that there is still a long way to go on the road against inflation.
“After Powell’s words, the market gives a 67% probability that the US central bank will increase its funding rate by 75 basis points at its monetary policy meeting in September,” CI Banco said in a report.
On the local side, participants’ eyes are on the Bank of Mexico’s quarterly report to be released on Wednesday, in search of an update on the institution’s outlook for inflation and economic growth.
jose.rivera@eleconomista.mx
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