The Mexican peso depreciated slightly against the American dollar this Tuesday. The local currency fell due to the strengthening of the greenback a day before the Federal Reserve of USA communicate its monetary policy decision.
The exchange rate ended the session at the level of 19.9848 units against a record of 19.9546 units per dollar yesterday, with official data from the Bank of Mexico (Banxico). This means a loss for the peso of 3.02 cents, equivalent to 0.15 percent.
The cross traded in an open range with a high of 20.0850 units and a low of 19.9045 units. The Dollar Index (DXY), which measures the dollar against six benchmark currencies, was up 0.44% at 110.22 points, near a 20-year high at the start of the month.
The Fed will announce its monetary policy decision tomorrow. The market is getting ready to know the magnitude of a more than probable increase in interest rates. The bets consider one of 75 base points, although there are those who foresee one of 1 percent.
In the morning, Sweden’s central bank raised its rates by 100 basis points to 1.75%, a move that was higher than expected, and warned of more to come in the next six months. The week has a vast agenda in terms of monetary policy announcements.
“There is still high volatility in the market,” financial group Invex said in a report. “Investors are awaiting the new decision of the Federal Reserve tomorrow, Wednesday, as well as the estimates that it publishes each quarter,” he added.
“The strengthening of the dollar has impacted the peso, which is losing a few cents. With the current behavior of the market, until the Fed’s announcement we expect the peso to continue between 19.90 and 20.20 units,” explained the Mundi hedge fintech.
jose.rivera@eleconomista.mx
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