The Mexican peso extends its gains and closes a positive week.
The exchange rate closed the day at 18.6294 pesos per dollar. Compared to yesterday's rate of 18.6474.
The Mexican peso extended its gains for the fourth consecutive session, buoyed by data that eased concerns about the U.S. economy.
The peso registered a slight gain during Friday’s trading, continuing its upward momentum in a market encouraged by positive economic indicators from the United States.
The exchange rate closed the day at 18.6294 pesos per dollar. Compared to yesterday’s rate of 18.6474, according to data from the Bank of Mexico (Banxico), this represented a gain of 1.80 cents, equivalent to a 0.10% increase.
The dollar traded within a wide range, with a high of 18.7465 pesos and a low of 18.5984 pesos. The U.S. Dollar Index (DXY) from the Intercontinental Exchange, which measures the dollar against six major currencies, dropped 0.52% to 102.44 points.
Throughout the week, data on inflation, retail sales, and employment in the U.S. helped ease concerns about a slowdown in the world’s largest economy, supporting the peso’s positive streak.
Compared to last Friday’s close of 18.8289 pesos, Banxico’s official rate today marks an improvement of 19.95 cents, or 1.06%. Meanwhile, the Dollar Index weakened for the fourth straight week.
With inflation decreasing and the economy remaining strong, investors are increasingly confident about the likelihood of an interest rate cut by the Federal Reserve in September, which is projected as a certainty according to FedWatch. The Mexican peso benefited from investor optimism, fueled by evidence that the U.S. economy is far from slipping into a recession.
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