When starting operations the price of the dollar today Wednesday was up to 20.53 pesos in banks. Meanwhile, the interbank exchange rate stood at 20.09 pesos per dollar, with a loss of 0.04 percent.
Citibanamex sells the dollar at 20.53 pesos, meanwhile Banorte it does it in 20.55 pesos, BBVA Mexico at 20.31, Aztec Bank at 20.05 i Santander in 20.06 units.
the weight it traded unchanged from the previous close in the face of a falling dollar and a drop in U.S. bond yields.
How is the exchange rate going?
Base Bank explained in a report that the stability of the exchange rate at current levels is due to a cautious behavior among market participants by the following factors:
The first, because inflationary risks continue that could put pressure on rising interest rates in the coming months. The global economy continues to recover and in particular that of United States has a positive outlook.
“While this will continue to lead to episodes of optimism that benefit the performance of higher-risk assets and currencies in emerging economies, it also raises the likelihood of inflationary pressures forcing the Federal Reserve to take a stand. less accommodative monetary policy as early as 2022, ”he referred.
The second factor is that there is little relevant economic information, so volatility could be observed based on the quarterly results of issuers in the financial sector in the United States.
The financial reports of JPMorgan, Goldman Sachs and Wells Fargo this morning have shown that large U.S. banks have reported revenue and profits well above market expectations, as is the case with JP Morgan, which broke the record for profits in a single quarter by $ 14.3 million.
“Since March 2020, the banking sector’s strategy has been to increase reserves to protect itself from delinquency that could arise in its loans. As the vaccination campaign progresses and the outlook economic improvement, banks are beginning to decrease these reserves, having more capital for loans or investments, “he says.
Finally, for the particular case of the Mexican peso, there are internal risk factors that could limit its appreciation, highlighting the electoral process, which is likely to generate temporary upward pressures for the exchange rate during May, prior to the June 6 vote. There is also the factor of initiatives and reforms that may affect investment, with the proposed reform of the Hydrocarbons Act that will be discussed today in committees.
During the first hours of the day, the Chamber of Deputies passed the reform limiting outsourcing and sent it to the Senate for review. According to the initiative, only the outsourcing scheme will be allowed for specialized services that are not related to the main objective of the company.
Dollar in real time
(…)the euros it is sold over the counter at a maximum of 24.48 pesos and is bought at 23.97 pesos. For its part, the pound sterling is offered at 28.05 pesos and is purchased at 27.62
pesos.
The Bank of Mexico (Banxico) Recorded the previous session an exchange rate of 20.07 pesos per dollar.
With information from Reuters
MRA
(…)
(…)
(…)
(…)