The Mexican peso closed the session on November 7 with an appreciation of 0.40% or 7.8 cents, trading around 19.44 pesos per dollar, its best level since March 2, 2020. Since then, the exchange rate had not closed below 19.50 pesos per greenback.
Gabriela Siller, director of economic analysis at Banco Base, indicated that the Mexican currency advanced this session in part due to a weakening of the dollar, which lost 0.37% in its weighted index, accumulating a loss of 2.08% in the last two sessions.
The US currency also weakened on the expectation that the Federal Reserve (Fed) could reduce the pace of increases in interest rates in the coming months. On November 10, the inflation data for October in the United States will be known and it is expected to present a decrease for the fourth consecutive month.
The Mexican peso ranked 15th among the currencies that advanced the most. The most appreciated currencies were the South Korean won with 1.26%, the Czech crown with 1.22%, the pound sterling with 1.21%, the Hungarian forint with 1.16%, the South African rand with 1.02%, the Chilean peso with 0.97%, the Polish zloty with 0.97%, the Swiss franc with 0.68% and the Danish krone with 0.67%.
In economic indicators, the economy generated 207,968 formal jobs in October, which added 997,178 jobs created in the first 10 months of 2022, the Mexican Social Security Institute (IMSS) reported Monday.
This monthly increase of more than 200,000 positions is the highest in the entire history of the Institute,” the IMSS said in a statement.
On the other hand, Wall Street closed in the green this Monday and its main indicator, the Dow Jones Industrials rose 1.31% with an eye on the mid-term elections in the United States and the inflation figure for October.
According to the data at the bell on the New York Stock Exchange, the Dow Jones gained 423.78 points, to 32,827 units, while the selective S&P 500 advanced 0.96% or 36.25 integers, to 3,806.80 points.
The composite index of the Nasdaq market, where the main technology companies are listed, increased by 0.85% or 89.27 units, to 10,564.52 integers.
The New York parquet began the day with optimism and accelerated the gains due to the expectations that the Republican Party advance positions in the mid-term elections this Tuesday.
Currently, the Democratic Party controls the presidency of the country, the Congress and the Senate, but the majority in the legislative chambers could go to the Republican side, thus ending the “blue wave” that accompanied President Joe Biden in the presidential elections.
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