Home » The Mexican Peso Strengthens, Breaking Floor of 17 Units Against the Dollar

The Mexican Peso Strengthens, Breaking Floor of 17 Units Against the Dollar

by admin
The Mexican Peso Strengthens, Breaking Floor of 17 Units Against the Dollar

The Mexican peso has made a strong comeback, breaking the floor of 17 units against the US dollar. As the national market eagerly awaits the announcement of the Bank of Mexico’s (Banxico) new monetary policy decision, the peso has appreciated by 0.58 percent, reaching an exchange rate of 16.96 units. This marks an improvement from the previous day’s closing rate of 17.06 units.

In anticipation of Banxico’s decision, experts predict that the governing board will maintain the current interest rate of 11.25 percent for the third consecutive meeting. Banxico has indicated that this benchmark rate will remain unchanged “for a long time.”

Citibanamex reports that the dollar is currently selling at 17.39 pesos per greenback at the bank window. Furthermore, the dollar index (dxy), which measures the strength of the US currency against a basket of developed countries, has declined by 0.20 percent to 102.29 units. The Bloomberg dollar index (bbdxy) also shows a loss of 0.14 percent, standing at 1,229.14 points.

Looking at other currencies in the market, the Hungarian forint has appreciated the most against the dollar, with a gain of 1.84 percent. This is followed by the South African rand (1.38 percent), the Swedish crown (1.02 percent), the Australian dollar (0.90 percent), the Brazilian real (0.85 percent), and the Polish zloty and the Czech crown (0.81 percent).

With the Mexican peso’s strengthening against the dollar and the anticipation of Banxico’s monetary policy decision, the currency market is buzzing with activity. The fluctuating exchange rates and the performance of various currencies against the dollar continue to shape the financial landscape.

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