Title: Mexican Peso Starts the Week in Positive Territory against the American Dollar
The Mexican peso kicked off the week on a positive note as it gained ground against the American dollar. The foreign exchange market is expected to witness lower liquidity, with analysts eagerly awaiting key data releases such as inflation, employment figures, and Banxico’s minutes.
As of Monday morning, the exchange rate spot for the peso stood at 17.0606 units per dollar, marking a 5.5 cent improvement compared to the previous official close of 17.1156 units on Friday. This translates to a 0.32 percent variation, as reported by Banxico.
The currency pair fluctuated within a narrow range, reaching a high of 17.1501 units and a low of 17.0506 pesos. Meanwhile, the Dollar Index (DXY) of the Intercontinental Exchange, which compares the greenback with other G7 currencies, recorded a marginal 0.03% increase, reaching 102.94 units.
Gabriela Siller, chief Base Bank Analysis, commented on the limited liquidity in the foreign exchange market due to the early closure of the US capital markets in observance of the Independence Day holiday on July 4th.
Investors are gearing up for the release of crucial nonfarm payroll figures from the US, which holds significance for the Federal Reserve’s monetary policy. Additionally, Banxico’s minutes will be released on Thursday, followed by local inflation data for June on Friday.
Stay tuned for further updates on the Mexican peso’s performance against the American dollar.
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