The Mexican peso gained 0.42% or 8.1 cents on Tuesday, January 10, trading around 19.07 pesos per dollar. The Mexican currency thus spins seven consecutive sessions with profits, accumulating an appreciation of 2.19% or 42.8 cents in said period.
Gabriela Siller, director of economic analysis at Banco Base, stated that sIf the exchange rate pierces the key level of 19.04 pesos, the dollar could drop below 19.00 pesos. The last time he was at that level was February 25, 2020, before the start of the pandemic.
The specialist indicated that the appreciation of the peso is due to two factors:
- Greater appetite for risk in the global financial market, waiting for the publication of inflation in the United States next Thursday. The market estimates inflation of 6.5% annually in December, down from 7.1% in November, accumulating six consecutive months of decline.
- Optimism regarding the North American Leaders Summit. During the morning, the White House published a document stating that, as a result of the Summit, the three countries will deepen economic cooperation and promote investment through: a) a trilateral semiconductor forum to adapt government policies and improve investment in the sector in North America, b) coordinate the semiconductor supply chain in the three countries to identify investment opportunities, c) expand the mapping of critical minerals in the region, d) improve student mobility, e) carry out key actions to develop workforce in North America over the next 5 years, focused on the semiconductor, information technology and biomanufacturing industries.
“Although uncertainty continues regarding the T-MEC consultations, andhe government of the United States is sending the signal that there will be more investmentwhich translates into greater job creation and economic growth for Mexico,” added Siller Pagaza.
The currencies of emerging countries most appreciated during the day were the Colombian peso with 1.42%, the Brazilian real with 1.07%, the Chilean peso with 0.87%, the Indian rupee with 0.70% and the Mexican peso with 0.42%.
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