The Mexican peso appreciated slightly compared to American dollar this Friday, for the third consecutive day. The local currency benefited from a weakening dollar, which provided breathing space for riskier assets, such as the region’s currencies.
The exchange rate ended the day at the level of 19.8920 units, against a closing of 19.9596 units yesterday, with official data from the Bank of Mexico (Banxico). This is a gain of 6.76 cents, which is equivalent to a change of 0.34 percent.
In its streak of three consecutive sessions with gains, from 20.1448 units, the currency accumulates an advance of 25.28 cents or 1.26 percent. In the week, from 19.9587 units on Friday, the peso appreciated 6.67 cents or 0.33 percent.
“The weakening of the US dollar and the appetite for risky assets should be interpreted as a market that has priced in a 75 basis point hike in the US reference rate,” Banco Base explained in a note sent to clients.
For the week, the pair traded in an open range with a high of 20.1889 units and a low of 19.8683 units (this Friday). This last record is a level not seen since August 25 (three weeks), when it touched 19.8499 pesos.
During the week, the Dollar Index (DXY), which measures the greenback with a basket of six reference currencies, fell 0.65% to 109 points at the close, accumulating a decline of 0.58% in the period, after marking a maximum of 20 years (110.79) on Wednesday.
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