He Mexican peso lived a turbulent week and closed at its lowest level since the beginning of last year. The national currency was affected by a combination of internal and external factors, which generated strong uncertainty in the markets.
On Friday, the exchange rate was at 19.18 pesos per dollar, representing a weekly depreciation of 4 percent, the worst since the June 2023 elections.
This weakness of the peso positions it as the biggest loser among the main currencies worldwide.
“The peso closed the week with a depreciation of 3.77 percent or 69.6 cents, being the largest weekly depreciation of the peso since the first week of June, after the elections in Mexico,” analyst Gabriela Siller noted on social media.
“In the last three weeks, the peso has accumulated a depreciation of 8.73% or 1 peso and 54 cents.”
US economic data: The release of lower-than-expected US employment figures generated greater risk aversion in global markets, strengthening the dollar and putting pressure on emerging currencies such as the Mexican peso.
The future of the Mexican peso will depend largely on the evolution of internal and external factors that are influencing its price.
Dollar closes in Mexican banks on Friday
Banking institutions are not operating this Saturday, so we present you the price of the dollar at the end of Friday in Mexican banks.
Affirm: Buy 17.80 / Sell 19.30
Azteca Bank: Buy 17.55 / Sell 19.20
Bank of America: Buy: 17.9856 / Sell 20.0803
Banorte: Buy 17.70 / Sell 19.25
BBVA Bancomer: Buy 18.17 / Sell 19.31
CIBanco: 18.05
Citibanamex: Buy 18.44 / Sell 19.48
Multiva Financial Group: 18.91
Inbursa: Buy 18.50 / Sell 19.50
Monex: Buy 18.07 / Sell 19.97
Go for more: Buy 18.4263 / Sell 19.6413
Mexican economy
According to the Ministry of Finance, between January and November, tax revenues increased by 10.9 percent in real terms annually, the highest growth for the same period since 2016.
As for the Federal Government’s net debt, it stood at 12 trillion 504 thousand 989.2 million pesos at the end of November. Of the total, 83.8% corresponded to domestic debt. Likewise, 76.7 percent of government securities were set at a fixed rate, with long-term maturities.
Employment and unemployment
On Friday, the National Institute of Statistics and Geography (INEGI) presented the results of the National Survey of Occupation and Employment (ENOE), which shows the behavior of the Mexican labor market by offering monthly data on the economically active population (EAP), employment, labor informality, underemployment and unemployment.
In June 2024 and with original figures, the EAP was 60.6 million people, which implied a participation rate of 59.8 percent.
This population was 357 thousand people higher than in June 2023. The economically inactive population (NEAP) was 40.7 million people, 706 thousand more than in the sixth month of 2023.
#peso #plummets #turbulent #week #accumulates #depreciation #percent
