The Mexican peso starts March on a positive note; market closely watches FED members.
The Mexican currency slightly advances against the dollar this Friday, as the market awaits interventions from several Federal Reserve (Fed) officials throughout the day.
The Mexican peso starts March on a positive note. The local currency slightly advances against the dollar this Friday, after receiving key data during the week.
The spot exchange rate is at the level of 17.0236 units. Compared to an official closing of 17.0543 units per dollar yesterday, with data from the Bank of Mexico (Banxico), the price movement implies an improvement of 3.07 cents, equivalent to 0.18 percent.
The price of the dollar moves within a narrow range, with a maximum of 17.0680 units and a minimum level of 17.0151 pesos. The Dollar Index (DXY), from the Intercontinental Exchange, which compares the US dollar with six other references, operates steadily at 104.16 points.
Traders are seeking more signals to help anticipate the upcoming decisions of the US central bank. Throughout this session, Raphael Bostic, Christopher Waller, Lorie Logan, and Mary Daly, members of the Fed, will speak at various public events.
On the domestic front, the Bank of Mexico will later announce the results of its latest private sector expectations survey, offering an update on market forecasts for variables such as inflation, GDP, and interest rates.
This occurs in a context where the campaign for the presidential elections in Mexico, which will take place in June, began this Friday with the candidate from the ruling party leading by a wide margin in preferences, in a contest that will likely result in the country’s first female president.
Claudia Sheinbaum, former Chief of Government of Mexico City, who is running for a coalition led by the ruling National Regeneration Movement (Morena), maintains a lead of more than 20 percentage points over Xóchitl Gálvez, the candidate of an opposition party alliance, according to the majority of polls.
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