AMLO’s comments and slowdown in inflation depreciate the peso 2%
dollar exchange rate today
The exchange rate was quoted this morning at 18.41 pesos per dollar, a depreciation of 0.17% compared to the closing price of Thursday registered by the Bank of Mexico.
In the United States, the non-farm payroll was published, with the creation of 311,000 jobs, above estimates of 225,000. The unemployment rate, however, went from 3.4% in January to 3.6% in February.
The job creation data strengthens expectations that the Federal Reserve will increase interest rates in the United States for a longer time.
On the other hand, in Mexico the inflation data for February was published on Thursday, which stood at 7.62%, below expectations. This gives rise to speculation in the market about the possibility that the Bank of Mexico could slow down the rate of interest rate hikes, Banco Base said.
During the session, the exchange rate is expected to trade between 18.34 and 18.50 pesos per dollar.
“The market is focused on the US labor market figures,” Grupo Financiero Banorte said in an analysis note. “These data have been the most anticipated of the week due to their implications for the Fed’s monetary policy,” he added.
Thus, the peso that reached its best level since Wednesday September 2017 and has shown in the year one of the best performances against the dollar among the main global currencies, accumulated a loss of 2.89% in the week.
