Exchange rate today
This morning, the exchange rate operated at 18.32 pesos per dollar, a depreciation of 0.46% compared to Friday’s close recorded by the Bank of Mexico.
Risk aversion continues to dominate financial markets, given the conflict in the Middle East. In addition, relevant economic information is expected this week, such as the GDP figure in the United States, on Wednesday.
During the overnight session, the peso reached the level of 18.37, although it is returning after knowing data on economic activity in Mexico. The Global Economic Activity Indicator rose by 0.4% monthly and 3.7% annually during August, higher than the estimates of 0.3% and 3.4%, which outlines an upward surprise in the GDP data for the third quarter, Monex noted.
On the other hand, the depreciation of the peso is also due to the expectation that the Federal Reserve will maintain a restrictive monetary stance for the rest of 2023, Banco Base noted.
During the session, the exchange rate is expected to trade between 18.17 and 18.35 pesos per dollar.