exchange rate today
The exchange rate was quoted today at 17.1100 pesos per dollar, with a drop of 0.71% compared to the Reuters reference price on Friday. The fall led the peso to trade again above the mark of 17 units per dollar.
“China’s Foreign Direct Investment continued to decline to reach its lowest level on record in the second quarter. According to the China State Administration of Foreign Exchange, investment amounted to 4.9 billion, equivalent to an 87% decrease in the year, being the largest drop since 1998, when the data was first published. This drop in investment is directly related to the trade war with the United States,” Banco Base said in an analysis note.
The possibility of an economic recession in China also has to do with a crisis in the real estate sector. And this increased risk aversion in global financial markets.
“The Mexican currency is affected by an increase in international risk aversion, due to negative news in China about payment problems of the developer Country Garden and Zhongzhi Enterprise, a major wealth manager. Both are closely related to the real estate crisis in country”, indicated Grupo Financiero Monex on Monday.
During the session, the exchange rate is expected to trade between 17.03 and 17.22 pesos per dollar.
With information from Reuters