Economy The peso advances and 'erases' 67 cents at the...

The peso advances and ‘erases’ 67 cents at the exchange rate, which closes on 24.11


The marked volatility in the markets has led the peso to a faster recovery against the dollar and to reach its highest advance since March 26 to almost return to the 23-unit floor, this as the greenback has weakened before the appetite for riskier assets that drove capital ratios.

According to data from Banco de México (Banxico), the peso appreciated 2.72 percent on Tuesday, or 67 cents, and stands at 24.11 units.

At the bank window, the dollar is sold at 24.48 units, a lower figure than the closing reported by Citibanamex on Monday, which was 25.06 units.

During the session, the Mexican currency touched a minimum of 23.8252 at 9:24 a.m., while the maximum reached it during Monday night at 25.6852.

The Bloomberg index, which measures the strength of the greenback against a basket of ten currencies, fell 1.01 percent to 1,254.95 points.

Both the most quoted currencies and those of emerging markets gained ground against the dollar, after a slowdown in the number of new cases of coronavirus was observed in European countries, a trend that is also observed in the United States.

Financial markets also showed optimism on news of new countercyclical fiscal policy measures coming from lawmakers in the United States.

Democratic leader in the US House of Representatives, Nancy Pelosi, said in a conference call that they are preparing another stimulus package for the US economy of at least a trillion dollars. These new stimuli would be in addition to the 2.2 billion program approved two weeks ago.

The funds seeking to pass this month would go to extend the scope of the initial program. According to the US president, Donald Trump, it is important that the resources destined to direct payments to families in the US be increased and that physical infrastructure projects be added.

In Mexico, the National Institute of Statistics and Geography (Inegi) released the inflation figure during March, which stood at 3.25 percent at an annual rate.

In the energy market, oil prices ranged from highs to lows awaiting talks from OPEC + and Russia on Thursday, which will discuss the possibility of cutting production for three months from May.

Over the past hour, prices slipped in doubt as to whether they can reach an agreement that reduces production enough to offset an unprecedented loss of demand due to the coronavirus outbreak.

WTI fell 2.37 percent to $ 23.71 a barrel. Meanwhile, Brent in London advanced 1.14 percent, to $ 31.91 per barrel.



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