The peso closed the session with a moderate appreciation of 0.13% or 2.6 cents, trading around 19.87 pesos per dollar.

During the session, the exchange rate touched a minimum of 19.8314 and a maximum of 19.9270 pesos, without a clear trend being observed.

It is worth mentioning that, since May 17, the exchange rate has traded most of the time in a channel between 19.80 and 20.00 pesos per dollar.

The absence of a trend in the exchange rate is evidence of caution among market participants, in anticipation of the federal and local elections on June 6.

Volatility and upward pressure on the exchange rate are not ruled out if the party in the executive branch and its allies achieve an absolute majority, as this raises the possibility of further reforms that inhibit investment, economic growth and that could weaken the organizations. self-employed in the country.

The mexican peso

In the foreign exchange market, the dollar closed the session higher against its main crosses, with the weighted index advancing 0.24%, being its first increase so far this week.

The advance of the dollar is not associated with the publication of economic indicators and is mainly the result of a correction, since yesterday the index reached its lowest level since January 7.

It is probable that portfolio adjustments will continue to be observed during the week, as the end of the month is approaching and next Monday, May 31, the capital and bond markets will be closed in the United States for the commemoration of Memorial Day.

Tomorrow in Mexico the publication of the employment data (ENOE) corresponding to the month of April will be relevant.

Likewise, at 9:00 am will be the publication of Banco de México ‘s monetary policy minutes.

It should be remembered that, in the last monetary policy announcement, the Governing Board pointed out that the risks to inflation show an upward bias, something that had not been mentioned for two years.

For its part, the United States publishes the review of economic growth for the first quarter, which is expected to be moderately adjusted upward from an annualized quarterly rate of 6.4% to 6.5 percent.

In the session, the euro touched a minimum of 1.2182 and a maximum of 1.2263 dollars per euro.

For its part, the euro peso touched a minimum of 24.2259 and a maximum of 24.4102 pesos per euro.

At the close, interbank prices for sale stood at 19.8692 pesos per dollar, 1.4125 dollars per pound and 1.2193 dollars per euro.

Gabriela Siller; PhD

Director of Economic-Financial Analysis.

Banco BASE