The peso closed the session with a moderate appreciation of 0.25% or 4.9 cents, trading around 20.10 pesos per dollar, with the exchange rate touching a low of 20.0426 pesos, a level not seen since February 16.

The dollar lost significantly, with the weighted index showing a decline of 0.29 percent.

From a technical point of view, the exchange rate maintains its short-term downward trend and the probability that it will pierce the support of 20.00 pesos per dollar in the coming sessions has increased.

During the morning, inflation data in the United States exceeded expectations, reaching 2.6% per year in March.

However, the upward movement of the exchange rate towards the maximum in the session of 20.2427 pesos per dollar was momentary, a sign that the market has discounted in previous sessions the possibility that inflation in the United States will continue its upward trend.

On the other hand, the auction of 24 billion dollars in 30-year Treasury bonds faced a solid demand of 2.47 times what was placed, significantly above the previous auction of the same instrument on March 11, when the ratio was located at 2.28 times.

The auction rate was 2.32%, helping to observe a downward movement of rates in the secondary market.

The 30-year Treasury bond rate fell 3.5 basis points during the session, standing at 2.29 percent.

Peso

In the foreign exchange market, the most appreciated currencies were mainly from emerging economies, such as the Russian ruble that appreciated 1.87%, the Czech koruna with 0.79%, the Swedish krone with 0.74%, the Brazilian real with 0.57%, the Chilean peso with 0.52% and the Turkish lira with 0.47 percent.

This was partly driven by stronger commodity prices.

The WTI closed the session with an increase of 1.22%, trading at 60.43 dollars per barrel.

Among industrial metals, copper advanced 0.42%, while the price rose 0.22%, reaching 1,357 dollars per metric ton.

In the session, the euro closed with an appreciation of 0.34% against the dollar, trading at 1.1951 dollars per euro, touching a maximum of 1.1956, a level not seen since March 18.

The appreciation of the euro occurred after the publication of inflation data in the United States, as it was interpreted as an indicator of accelerated economic recovery, raising the appetite for risk.

Finally, the euro peso touched a minimum of 23.9216 and a maximum of 24.0684 pesos per euro.

At the close, the interbank quotes for sale stood at 20.0970 pesos per dollar and 1.3756 dollars per pound.

Gabriela Siller; PhD

Director of Economic-Financial Analysis.

Banco BASE