The Mexican currency was favored by the industrial production report for April, which showed that the secondary sector expanded 0.4% in April and, cumulatively, during the first 4 months of the year, it grew 2.0%, Monex explained in a note.
Exchange rate today: how much is a dollar in pesos
At half a day, the peso is trading at 17.27 units per dollar, with an appreciation of 0.6%, it is its best level since May 2016, according to Investing data. The Mexican currency is shaping up to close the week with an appreciation of around 2%.
The local currency posted new seven-year highs this week and broke several important thresholds to consolidate below 17.40 pesos and emerge as one of the best performing currencies in emerging markets.
Monex analysts pointed out that “the next technical barrier for the currency will be 17.2400 pesos.”
In data that encouraged the market, the National Institute of Statistics and Geography (INEGI) indicated in a report that industrial activity in Mexico rose 0.4% in April against the previous month and grew 0.7% year-on-year.
With information from Reuters.