The Mexican Peso Rises in Anticipation of Economic Data from Mexico and the US

This week, the release of local inflation figures for the first half of May and first-quarter GDP data is expected, along with the minutes from the most recent policy meetings of both the Bank of Mexico (Banxico) and the Federal Reserve.

The Mexican peso appreciated against the US dollar in the first session of this week. The local currency gained ground in a market that is preparing to receive important economic data from both Mexico and the United States.

The exchange rate closed the day at 16.5517 pesos per dollar, according to data from Banxico. With an official closing rate of 16.6044 units on Friday, this represented a gain for the peso of 5.27 cents or 0.32 percent.

The dollar’s price fluctuated within a range between a high of 16.6510 units and a low of 16.5491 pesos. The US Dollar Index (DXY) from the Intercontinental Exchange, which measures the greenback against six major currencies, was up 0.16% at 104.62 units.

This week, the release of local inflation figures for the first half of May and first-quarter GDP data is expected, along with the minutes from the most recent policy meetings of both Banxico and the Federal Reserve.

It will be an interesting week for economic events, with minutes from Banxico and the Fed, as well as economic activity and inflation in Mexico. The exchange rate is expected to fluctuate between 16.70 and 16.45 pesos per dollar. The week starts with a light agenda but with upward risks to energy and agricultural prices.