“Today the peso responded to the news of the ratification of the credit rating by Fitch. The rating cut and possible loss of investment was one of the great fears of this administration, along with the loss of autonomy of Banco de México” , indicated Gabriela Siller, director of economic analysis at Banco Base.
Siller added that there is a pattern of behavior of the exchange rate since July of last year in which it appreciates around 7% in a period of two months and then rebounds, showing a depreciation around 4%. If this trend continues, the director of Banco Base said that the peso could appreciate to the level of 16.74 pesos per dollar in July of this year and then rebound to 17.50 and then appreciate again to a level close to 16.40.
Given the news of the credit rating of Mexico, it is considered that there is certainty on the part of investors at the international level, which, together with the nearshoring opportunity, give a good expectation to the peso, which has become one of the favorites to invest in the current environment of excess liquidity and low global risk aversion.
For his part, Eduardo Ramos, an analyst at ATFX, indicated that if the peso manages to overcome the floor of 17, he said that 16.92 units per dollar would have to be considered as the next floor.