Exchange rate
The new data on consumer prices would support Banxico raising the interest rate again. The Mexican currency also appreciated on a day of weakness for the dollar.
The Mexican peso ended with wins against the US dollar trading this Friday. The currency appreciated for the second day on a day when new inflation data were released that would support a rate hike.
In December, the inflation rate in Mexico was 7.36 % year-on-year, a figure well above the goal of the Banco de México ( Banxico). It was the highest year-end level since 2000. The consensus of analysts expected 7.51 percent.
The exchange rate closed the day at 20.3709 units against a closing of 20.5054 units yesterday, with data from the central bank. This meant an appreciation of 13.45 cents for the Mexican currency with a variation of 0.66 percent.
During the week, from a level of 20.5075 units last Friday, the Mexican currency accumulated a gain similar rate of 13.66 cents or 0.67 percent. The higher rates benefit the peso by increasing the carry with the dollar.
The cross traded in a range between a maximum of 20.5205 units and a minimum of 20.3544 units. At the close, the Dollar Index (DXY), which compares the currency US currency with six reference currencies, lost -0.63% to 95.71 units.
The movement of the dollar was after US employment figures that disappointed the market and that gave signs of a moderate recovery, in a moment in which the Federal Reserve plans to accelerate the withdrawal of stimuli.
On the other hand, the market continues to pay attention to information on the pandemic. World Health Organization (WHO) insisted that the Omicron variant of Covid-19 produces less severe disease than Delta, the Delta variant.
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