Mexican peso ends a very negative August due to concerns over judicial reform.
The local currency appreciated on Friday, but this only helped to lessen its significant decline for the month amid investor concerns over judicial reform.
The Mexican peso ended August with a slight recovery. While the local currency appreciated, it only reduced its steep losses accumulated throughout the month due to concerns about the progress of the judicial reform.
The exchange rate closed at 19.7027 pesos per dollar. Compared to the previous day’s rate of 19.8338 pesos per dollar, this movement resulted in a gain of 13.11 cents or 0.66%.
The dollar’s price fluctuated between a high of 19.8765 pesos and a low of 19.6219 pesos. The U.S. Dollar Index (DXY), which measures the dollar against six major currencies, gained 0.36% to 101.71 points.
Although the peso appreciated during a session with positive U.S. inflation data that supported optimism for a potential rate cut in September, it only partially offset the strong decline seen throughout August.
Compared to the official July rate of 18.6320 pesos per dollar, the peso lost 7 cents or 5.75%. Over the week, from last Friday’s closing of 19.0718 pesos, it fell 63.09 cents or 3.31%.
Globally, the session was influenced by the Fed’s preferred inflation indicator, which aligned with expectations and supported the prospect of a 25 basis point rate cut in September.
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