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The Mexican peso advances thanks to a retreat of the dollar.

The greenback loses ground after having strengthened yesterday with the release of figures that complicated the outlook for interest rate cuts in the United States.

The Mexican peso appreciates against the dollar this Tuesday. The local currency gains ground, while the greenback retreats after the market reacted yesterday to figures that complicated the outlook for interest rate cuts in the United States.

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The spot exchange rate stands at a level of 16.5705 units per dollar. With an official close of 16.6312 units yesterday, according to data from the Bank of Mexico (Banxico), this represents an advance for the peso of 6.07 cents, equivalent to 0.37 percent.

USD/MXN

The price of the dollar operates within a narrow range with a maximum of 16.6546 units and a minimum level of 16.5691 units. The Dollar Index (DXY), from the Intercontinental Exchange, which measures the greenback against six references, is down 0.31% at 104.69 units.

Solid manufacturing data from the United States released yesterday had raised doubts about how feasible it was for the Federal Reserve (Fed) to cut its interest rate three times this year. This led to a strengthening of the dollar.

Having assimilated the effect, today the Mexican currency regains ground while the market studies a report from the US Department of Labor about job openings in February, known as the JOLTS report.

In addition, participants are awaiting remarks from John Williams, the president of the New York Fed, at a forum on monetary policy. Also speaking during the day will be his counterparts from Cleveland, Loretta Mester, and from San Francisco, Mary Daly.

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ABOUT THE AUTHOR See More
Ignacio Teson
Ignacio Teson
Economist and Financial Analyst
Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.
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