“January is long gone”: peso opens last week with losses against dollar
Posted in ECONOMY He
January is forever… and the Mexican peso knows it. The currency started the last week of the month with losses against the dollar, according to Bank of Mexico data.
According to Banxico, the currency ended the day this Monday at 17.2174 units per dollar.
Towards the end of business Reuters reported a 0.39 percent decline from the agency’s benchmark price on Friday. breaking a streak of three consecutive days of growth.
“Market attention is focused on the Fed meeting on Wednesday,” CIBanco said in a research note. “Investors will be paying close attention to any hints about when the first interest rate cut might occur,” he added.
“Towards the evening we confirm support and resistance at 17.05 and 17.25 respectively,” Monex Grupo Financiero said.
Locally, participants are also focused on Tuesday’s release of timely estimates of fourth-quarter and full-year 2023 gross domestic product (GDP).
First Fed Statement of 2024
Investors are awaiting the first monetary policy announcement of the year from the Federal Reserve (Fed) on Wednesday this week.
“A day without relevant data. However, markets are bracing for a turbulent week as the Fed meets on Tuesday and Wednesday to make a policy decision,” Masari Casa de Bolsa said in a research note.
“The consensus is that the rate remains unchanged in the range of 5.25%-5.50%“Although we will have to wait for the tone and context of the statement to analyze signs of future changes in course,” he added.
Mexican Stock Exchange: how did it go?
The benchmark S&P/BMV IPC stock index added 0.56 percent to 57,175.73, with the market also taking aim at fourth-quarter corporate earnings season.
Mountain titles Peñoles Industries led the gain, rising 7.21 percent to P238.66, followed by retailers. Chedraoui, up 3.57 percent to P111.44. _According to Reuters