Title: Mexican Peso Rises Against Weaker Dollar, Boosted by Favorable Economic Data
The Mexican peso has experienced a strong start to the week, taking advantage of a weakened US dollar amidst rising inflation in the United States. As of 9:00 a.m., the national currency has appreciated by 1.36 percent, resulting in an exchange rate of 16.64 pesos per US dollar. This marks a positive shift compared to the previous day’s closing rate of 16.88 pesos.
The release of better-than-expected economic data has injected optimism regarding Mexico’s economic stability and the continuous inflow of dollars through exports and remittances, according to Janneth Quiroz, Director of Economic Analysis at Monex.
Notably, the dollar is quoted at 17.13 pesos per greenback at bank windows, as reported by Citibanamex.
In international markets, the dollar index (dxy), which measures the strength of the US currency against six other major currencies, has fallen by 0.11 percent to 101.65 units. Meanwhile, the Bloomberg dollar index (bbdxy) indicates a 0.09 percent loss, standing at 1,216.51 points.
Interestingly, the South African rand is emerging as a strong rival to the Mexican peso, experiencing a 1.04 percent appreciation against the US dollar. In addition, the Chilean peso, Brazilian real, pound sterling, Israeli shekel, and Polish zloty have also witnessed gains against the dollar.
Regarding the money market, the yield of Mexico’s 10-year Mbono stands at a rate of 9.21 percent, while the United States‘ 10-year bond yield has reached 3.97 percent.
The continued weakening of the US dollar and the positive performance of the Mexican peso, alongside other global currencies, signify a favorable outlook for international trade and market stability.
(Note: This news article is based on the provided content and has not undergone further verification or research.)