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the exchange rate operated lower Monday a Mexico for the appreciation of the peso fueled by an employment report in the United States and a multimillion-dollar infrastructure plan by President Joe Biden, which boosted global appetite for risky assets.
After an extended weekend for Easter, the price of the dollar was trading at 20.2530 pesos in the Mexican market, a lower level by 0.21% compared to Friday’s price. Earlier, the dollar traded down to 20.2320 Mexican pesos, a price not seen since Feb. 18, according to Reuters data.
Biden’s $ 2 trillion infrastructure plan contains investments that will boost short- and long-term employment, including funding nursery schools to get more Americans back to work, his chief economic adviser said Sunday.
“The appreciation is attributed to a greater appetite for risk”, Said Gabriela Siller, head of analysis at the local Banco Base. The U.S. Department of Labor reported Friday that non-farm payrolls increased by 916,000 jobs last month, the largest increase since last August.
For the rest of the day, the exchange rate in Mexico is expected to fluctuate in the range of 20.15-20.40 pesos per dollar, analysts at financial group Monex said.
With information from Reuters