The US dollar hits a new eight-year low in Mexico: 16.44 units per dollar.

The local currency advances, deepening the improvement in 2024, following the solid non-farm payroll report released this morning by the US Department of Labor.

The Mexican peso appreciated and sent the US dollar to a new low not seen since 2015 on Friday morning. The local currency advances, deepening the improvement in 2024, following the solid non-farm payroll report released this morning by the US Department of Labor.

The spot exchange rate stands at 16.4515 units per dollar. Compared to yesterday’s official closing of 16.6052 units according to the Bank of Mexico (Banxico), this represents an improvement of 15.37 cents, equivalent to a variation of 0.93 percent.

The dollar’s price operates within an open range between a high of 16.6110 units and a low of 16.4405 pesos. The Dollar Index (DXY), from the Intercontinental Exchange, which measures the greenback against six reference currencies, was up by 0.46% at 104.60 points.

The US Department of Labor reported that 303,000 jobs were created in March, more than 50% above expectations. The unemployment rate decreased by 0.1% to 3.8% and wages increased.

The strength of employment affects the outlook for Federal Reserve rate cuts (5.5%-5.25%), but the differential with Mexican rates (at 11%) remains very positive. Furthermore, evidence of strength in the largest economy benefits its main partner.

In other news, the stock markets in Mexico are trading with moderate gains on Friday morning. The indices are up for the second consecutive day, following their counterparts in the United States, after solid labor data, and are shaping up for a positive week.