When starting operations the price of the dollar today Tuesday is up to 21.69 pesos in banks. Meanwhile, the interbank exchange rate stands at 21.24 pesos per dollar, with a gain of 1.22 percent.
Citibanamex sells the dollar at 21.69 pesos per dollar, meanwhile Banorte it does so at 21.75 pesos, BBVA Mexico at 9:52 p.m., Santander a 21.23 i Aztec Bank in 21.10 units.
The peso appreciated after four consecutive falls, while the dollar moved away from three-and-a-half-month highs due to the stabilization of U.S. Treasury bond yields that allowed forex currency risk increases.
How is the exchange rate going?
Base Bank explained in a report that the appreciation of the peso is due to a corrective move after recording depreciations close to 1 percent for four consecutive sessions. The same is seen with the US dollar, the weighted index shows a decline of 0.43 percent, the first for a week and the highest since February 9.
From a technical point of view, the weighted index of the dollar is close to the resistance marked by its 200-day moving average, which raises the likelihood that downward corrections will be observed in the short term. However, for now the upward trend in the US dollar has been observed since February 26, so the risk of further movements in the exchange rate in subsequent sessions remains. .
In the foreign exchange market most currencies gain ground against the dollar, the most appreciated being the Turkish lira with 1.38 percent, followed by the South African rand with 0.95 percent and the Mexican peso with 0.86 percent. In the session, at the same time as the weakening of the dollar, there is a greater demand for Treasury bonds, the 10-year rate shows a significant decline of 5.7 basis points, standing at 1.53 percent .
It should be remembered that in previous sessions, speculation that the Fed could abandon its flexible stance in advance will cause interest rate hikes, which in turn strengthened the US dollar. It is important to note that the downward movement in interest rates in the bond market is also the result of a correction, as no indicators or events that cause this movement have been released.
The U.S. Treasury will auction $ 58 million in three-year notes today. On Wednesday it will auction 38 billion 10-year bonds and on Thursday 24 billion in 30-year bonds. Demand for these auctions will be key to the market.
On the other hand, oil starts the session with gains, with the WTI trading at $ 65.28 per barrel, showing a rise of 0.37 percent, against the general weakening of the US dollar.
In terms of relevant information, the Organization for Economic Co-operation and Development (OECD) updated its growth forecasts for 2021 and 2022. In Mexico, growth is expected to be 4.5 percent this year, more than the previous estimate of 3.6 percent, while by 2022 growth of 3 percent is forecast.
In terms of economic indicators in Mexico, consumer and producer inflation data were released today in February.
Real time dollar
(…)the euros it is sold over the counter at a maximum of 25.85 pesos and is bought at 25.27 pesos. For its part, the pound sterling is offered at 30.00 pesos and is purchased at 29.54 pesos.
The Bank of Mexico (Banxico) The previous session recorded an exchange rate of 21.41 pesos per dollar.
With information from Reuters
MRA
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