Blue Monday for the peso: it turns sad against the dollar and closes at 16.89

Posted in ECONOMY He 01/15/2024 · 15:41

The Mexican peso had its “Blue Monday”: this Monday it fell against the dollar and closed at 16.89 units per dollar, according to Bank of Mexico (Banshiko).

The above represents a loss of 0.1724 percent against the Central Bank’s benchmark price on Friday, January 12th.

Thus, during the session, the Mexican currency fluctuated between a high of 16.9110 and a low of 16.8820 pesos per dollar.

The Mexican peso thus ended three straight days of gains during which it gained 0.59 percent, according to data Reuters.

How is the Mexican Peso doing today, January 15, 2024?

This Monday’s session was marked by weak business activity due to the absence of most US participants due to the Martin Luther King Day holiday.

“Today is a holiday in the United States, the lack of economic data may keep the exchange rate stable throughout the session,” Masari Casa de Bolsa said earlier in a research note quoted Reuters

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In this spirit, Base Banco technicians added that there are opportunities for the Mexican currency to strengthen in the future.

“In this context, it is likely that the peso will approach the P16.70 level,” they said.

The peso’s fall comes amid rising expectations that US Federal Reserve System (FRS) will take the scissors and start cutting interest rates starting in March.

Likewise, Latin America’s major currencies fell this Monday due to the global strengthening of the dollar, he says. Reuters.