Peso appreciates marginally pending Banxico’s minutes

The Mexican peso appreciates marginally against the dollar this Thursday. The local currency gains ground in a session that is anticipated with few movements due to the fact that the markets of USA They will be closed for the Thanksgiving celebration.

The exchange rate spot It is located at the level of 19.3520 units compared to the record of 19.3579 units at the close of yesterday of the Bank of Mexico (Banxico). This movement means that the Mexican currency gains a marginal 0.03% against the dollar, which is less than one cent.

The cross operates erratically in a limited range with a maximum of 19.3713 units and a minimum level of 19.3380 pesos. The Dollar Index (DXY), which measures the greenback with a basket made up of six strong reference currencies, lost 0.31% to 105.75 units.

Local operators expect Banxico to publish meeting minutes later in the day, which could give clues to their next steps. The minutes of the Federal Reserve (Fed) confirmed yesterday that this authority plans to slow down the rate hike rate.

“The local market awaits the publication of the minutes of Banco de México,” said the Vector firm in an analysis note. “Attentive to the discussion of the following adjustments in the reference rate and the terminal rate that is estimated for the current restrictive cycle,” he added.

Earlier, the Inegi reported that inflation in Mexico slowed down more than expected during the first half of November (8.14% year-on-year); however, the underlying index continued to advance at levels not seen in just over 22 years.

jose.rivera@eleconomista.mx