He Mexican peso depreciated against the US dollar on Monday. The local currency ended the day at a loss, despite having started to operate in positive territory, highlighting its technical operating levels, above the 17 unit zone.
He exchange rate The day ended at the level of 17.1839 units per dollar. Compared to 17,0967 units, as of Friday’s official close of Bank of Mexico (Banxico), its movement resulted in a loss of 8.72 cents, equal to 0.51% for the peso.
He price in dollars It moved in an open range with a high of 17.2255 units and a low of 17.0566 units. He Dollar index (DXY), on the Intercontinental Exchange, which measures the greenback against a basket of six currencies, rose 0.06% to 103.35 points.
Traders have assimilated the new outlook on rates in which cuts from the US central bank would come later than expected. According to FedWatch, the market is pricing in a 40.5% chance that the Fed will lower rates in March.
Rates betting
Betting on a rate cut in the first quarter of the year they plummeted by more than 80% in just a few days after several comments from Fed officials. Key economic data will be released this week to sharpen rate bets.
On the one hand, the market awaits data GDP of the United States on Thursday, while key information for the week will be released on Friday, including the Personal Consumption Expenditure Price Indicator, the measure of inflation tracked by the Fed.
“According to the bullish conditions of the indicators, 17.06 could be the new low level of the price and is likely to once again show a rise towards the resistance at 17.30,” Vector analysis area Casa de Bolsa said in a report . for opening.
Risk factors
On the other hand, some analysts have identified risk factors that have led the peso to lose ground compared to dollarlike the tense situation in Red Sea and the strengthening of Donald Trump in the race for a second term at the helm of the White House.
“In the United States, the governor of Florida, Ron DeSantis, has declared that he is abandoning the race for the presidency of the United States, adding his support to the favorite of the race, Donald Trump,” said Juan Carlo Cruz, professor at the School of Banking commercial.
2024-01-22 19:48:00
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