The Mexican peso started the week strong by gaining ground against the US dollar. According to data from the Bank of Mexico (Banxico), the currency closed the day at 16.8813 units per dollar, marking a 0.48 percent appreciation compared to Friday’s reference price. This marks the fourth consecutive day of profits for the peso.
Market analysts are optimistic about the exchange rate, with expectations that it will continue to hover around 16.90 as investors await the release of consumer confidence data in Mexico. Additionally, Thursday will bring announcements on April inflation and the monetary policy decision of the Bank of Mexico, with many anticipating that the benchmark rate will remain unchanged following a recent rate cut in March.
In the stock market, the S&P/BMV IPC index rose by 0.26 percent to reach 57,282.95 points. Leading the advance were shares of Megacable, a cable and internet services provider, which saw a 2.42 percent increase to 51.66 pesos. Following closely behind were the pharmaceutical company Genomma Lab, with a 2.28 percent gain to 17.04 pesos.
Overall, it was a positive start to the week for the Mexican economy, with both the currency and stock market performing well. The market will continue to monitor key indicators and announcements throughout the week to gauge the economic outlook for Mexico. (With information from Reuters)