The Mexican peso closed the week of April 17 to 21 with a appreciation of 0.15% or 2.8 cents, trading around 17.99 pesos per dollarwith the exchange rate reaching a maximum of 18.15 and a minimum of 17.93 units per greenback.
It should be noted that this session is the first in which the exchange rate closed below 18.00 per dollar since March 8, one day before risk aversion was unleashed due to the closure of some banks in the United States.
In the week, The dollar strengthened 0.27% according to the weighted index, on speculation that the Federal Reserve will raise interest rates by 25 basis points again on May 3said Gabriela Siller, director of economic analysis at Banco Base.
“Several Fed officials reiterated the need to raise the rate and keep it at a restrictive level, despite the fact that there are risks to economic growth,” added the specialist.
The Mexican peso was one of the few currencies that appreciated against the dollar during the week. The most depreciated currencies are: the Brazilian real with 2.78%, the Colombian peso with 2.20%, the South Korean won with 2.17%, the Norwegian krone with 1.90%the Argentine peso with 1.56%, the Canadian dollar with 1.20%, the New Zealand dollar with 1.06%.
The following week will be published First quarter GDP in the United States that is anticipated at 0.4% quarterly, 1.7% quarterly annualized and 1.7% annualized. Mexico’s GDP will also be released, which is expected to be around 1.0% quarterly and 3.5% annually.
Wall Street posted a slight weekly decline in its leading indicators as it digested quarterly results from some large US companies, which are generally weak, and other data pointing to a slowdown in the economy.
The Dow Jones Industrials fell an accumulated 0.2%; the selective S&P 500 0.01% and the Nasdaq index 0.4%, interrupting last week’s positive streak, which was led by the big banks, as more listed companies realize their operational difficulties.
According to analysts, Investors remain concerned about the Federal Reserve’s (Fed) monetary policy path in their fight against inflation and fear that successive interest rate hikes will aggravate a potential recession in the country later this year.
Meanwhile, the Mexican Stock Exchange (BMV) lost 0.22% this Friday in its main indicator to settle at 54,175.28 units, a percentage with which it closed the week with a decline of 0.52%.
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