Mexico City /
When starting operations the price of the dollar today Monday is up to 20.66 pesos in banks. Meanwhile, the exchange rate Interbank stands at 20.18 pesos per dollar, with a gain of 0.90 percent.
Citibanamex sells the dollar at 20.66 pesos, while BBVA Mexico it does so at 20.46, Banorte at 20.25, Santander a 20.19 i Aztec Bank in 19.82 units.
The weight depreciated for the third session to its weakest level in the year in the face of renewed concerns generated by the advance of the coronavirus pandemic.
How is the exchange rate going?
Base Bank explained in a report that weight depreciation is due to two main factors; first, because speculative positions in favor of the peso are falling apart in the market, which is also the case with other currencies.
In the Chicago futures market, net speculative positions stood (as of January 5) against the peso at 7,723 contracts, accumulating three weeks waiting for the Mexican peso to depreciate against the dollar . The previous one did not happen since June 2018.
“The position against the peso may be driven in part by the expectation of higher interest rates in the U.S. secondary market, given the possibility of Joe Biden’s new administration implementing more aggressive fiscal stimuli. ‘year, the yield on 10-year Treasury bonds shows an increase of 19.4 basis points, standing at 1.11 percent, “he said.
Second, by the possibility of Bank of Mexico resuming interest rate cuts on February 11th. In his final minutes of monetary policy, two members of the Governing Board noted the importance of cutting the interest rate at the December meeting.
Real time dollar
the euros is sold over the counter at a maximum of 25.03 pesos and is bought at 24.49 pesos. For its part, the pound sterling is offered at 27.25 pesos and is purchased at 26.30 pesos.
the Bank of Mexico (Banxico) recorded the previous session an exchange rate of 19.97 pesos per dollar.
With information from Reuters
MRA
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