The Mexican market retreats, setting up for a second consecutive weekly decline
The Mexican market retreats, setting up for a second consecutive weekly decline
The Mexican stock exchanges operate with losses Friday morning. Local indices retreat following the release of inflation figures higher than expected in the United States, in a Mexican market that sets up for its second consecutive weekly decline.
The leading index, S&P/BMV IPC, of the Mexican Stock Exchange (BMV), which groups the 35 most traded local stocks, falls by 0.10% to 57,196 units.
The Mexican peso also depreciates on Friday. The local currency loses ground following the release of a higher-than-expected producer inflation figure in the United States, which supports the expectation that the Federal Reserve will keep its rates high for longer.
The spot exchange rate stands at a level of 17.0700 units per dollar. Compared to yesterday’s closing of 17.0454 units, according to the official data from the Bank of Mexico (Banxico), its movement represents a gain of 2.46 cents, equivalent to a 0.14 percent change.
Market participants also react to the most recent speeches from the Federal Reserve, whose officials have recently shown caution about the possibility of rate cuts, especially awaiting more data to give them confidence in progress against inflation.
For now, market attention will be focused on the speeches of Richmond Federal Reserve Bank President Thomas Barkin, Vice Chair for Supervision at the Federal Reserve Michael Barr, and San Francisco Fed Chair Mary Daly throughout the day.
The price of a dollar in Mexico operates within a narrow range, with a high of 17.1065 units and a low of 17.0294 units. The Dollar Index (DXY), which measures the greenback against six other major currencies, rises 0.19% to a level of 104.50 points.
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