The exchange rate has been on the decline for five days, so the peso has had its second week with a favorable balance amid the global weakness of the dollar due to inflation data in the United States and locally, as well as speculation about the monetary policy of the Federal Reserve and the Bank of Mexico.
In the Foreign Exchange Market (Forex), the dollar fell 15.54 cents today to 17.6181 units (last June 5 it ended at 17.5211 pesos), with which it accumulated a decline of 48.72 cents between July 5 and 12 and two weeks of setbacks.
The dollar closed Friday at the Citibanamex window with a 12-cent drop, registering its biggest decline in 36 weeks, with a reduction of 45 cents between July 5 and 12.
At retail, the dollar was sold at 18.07 pesos, a value only higher than 17.98 on June 5, 2024, and was purchased at 17.07 units.
The peso thus had its best performance in 36 weeks – on the Forex it fell 64.90 cents between October 27 and November 3; at the retail level it lost 67 cents in the same period – and has thus recovered part of what it lost in the first week of June after the elections.
Janneth Quiroz, Director of Economic, Foreign Exchange and Stock Market Analysis at Monex Casa de Bolsa, mentioned that the national currency maintains its moment of appreciation thanks to the contrast of inflation figures in Mexico and the US, as well as market expectations regarding monetary policy decisions by the central banks of both countries.
The peso’s appreciation is due to a decrease in volatility from 24.91 percent in June to 4.98 percent so far in July, Banco Base said.
The S&P/BMV IPC index of the Mexican Stock Exchange (BMV) experienced its best week so far this year, accumulating a gain of 5.01 percent and reaching a level of 54,953.11 units.
This Friday, the benchmark index recorded its fifth day of positive variations, advancing 0.97 percent compared to the previous day.
Throughout the week, the national stock market had its longest period of recovery since the post-election sessions, when it reached lows below 52 thousand points.
The consumer, industrial and transportation sectors supported the recovery throughout the week. On this last day, Chedraui (CHEDRAUIB) shares led the purchases with a rise of 4.67 percent to 135.37 pesos.
Another group of stocks made up of Grupo Carso (GCARSOA), Pinfra (PINFRA*), Walmart (WALMEX*) Megacable Holding (MEGACPO) and Coca Cola Femsa (KOFUBL) closed with variations greater than 3 percent.
In the United States, investors have also shown optimism in their operations. The Dow Jones reached new highs by gaining 0.62 percent and closing above 40,000 points, while it accumulated a rise of 1.59 percent for the week.
The Standard & Poor’s and Nasdaq advanced 0.55 and 0.63 percent in the session, while their weekly balance was gains of 0.87 and 0.25 percent, respectively.
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