Home » Mexican Peso Strong Against the US Dollar on February 14

Mexican Peso Strong Against the US Dollar on February 14

by admin
Mexican Peso Strong Against the US Dollar on February 14

The Mexican Peso Gains Ground Against the US Dollar

Today, February 14, the dollar was being sold for up to 18.20 pesos at the bank counter. Meanwhile, the interbank exchange rate stands at 17.14 pesos per greenback, marking a 0.18 percent gain compared to yesterday’s reference price. The Mexican peso appreciated, recovering some of the losses from the previous session, amidst a global decline in the dollar.

Investors are closely watching for clues about when the Federal Reserve would begin to cut interest rates. Several key figures from the Fed are expected to speak about monetary policy and the economy, which could provide further direction for the currency markets.

Analysts at Base Bank have attributed the peso’s appreciation to the weakening of the dollar, which corrected downwards after a strengthening session. The publication of the US January inflation rate at an annual rate of 3.09 percent solidified the expectation that the Federal Reserve will be cautious with interest rate cuts, contributing to the peso’s strength.

In the exchange market, most currencies are gaining ground, while the South Korean won, Malaysian ringgit, and Hungarian forint are among the currencies depreciating the most. On the other hand, the Chilean peso, Norwegian crown, and Australian dollar are among the most appreciated currencies.

In other news, Mexico’s National Institute of Statistics and Geography (Inegi) published the Monthly Survey of the Manufacturing Industry, revealing a decline in manufacturing industry employment and man hours worked, as well as an increase in real average salaries. The publication suggests that high inflation and increases in the minimum wage in Mexico have put upward pressure on contractual wages, while the trend in manufacturing employment is linked to a slowdown in export growth.

See also  Like Poland and Vietnam? "Germany is marching towards a planned economy"

The exchange rate is anticipated to trade between 17.09 and 17.21 pesos per dollar throughout the session. Additionally, the euro is being sold for a maximum of 19.19 pesos and the pound sterling at 22.00 pesos. The Bank of Mexico (Banxico) registered an exchange rate of 17.19 pesos per dollar in the previous session.

Reuters contributed information to this report.

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy