The peso closed the session with an appreciation of 0.73% or 14.7 cents, trading around 19.91 pesos per dollar with the exchange rate touching a minimum of 19.8604 and a maximum of 20.0858 pesos.

The appreciation of the peso was accentuated after 1:00 p.m., after the announcement of monetary policy by the Federal Reserve, which kept the interest rate and the rate of purchase of bonds of 120 billion dollars per month unchanged.

In the foreign exchange market, the dollar weakened 0.38% according to the weighted index, due to the fact that the Fed reiterated a broadly flexible stance, at the same time that they indicated that economic activity and employment have strengthened.

On inflation, the Fed pointed out that the most recent increases in prices reflect transitory factors, sending the signal that they do not plan to make adjustments to the monetary stance in the coming months.

In the bond market, the yield rate of the 10-year Treasury bonds erased its increase in the morning to close with a decline of 1.4 basis points, standing at 1.61 percent.

In the foreign exchange market, most currencies gained ground, particularly those of emerging economies and countries that produce raw materials, the most appreciated being the Peruvian sol (+ 1.82%), the Brazilian real (+ 1.73%), the crown Norway (+ 1.02%), the South African rand (+ 0.92%) and the New Zealand dollar (+0.79 percent).

The peso

Multi-currency gains were driven by oil and other energy prices. The WTI closed with an increase of 1.29%, trading at 63.75 dollars per barrel, while the Brent advanced 1.05%, trading at 67.12 dollars.

For its part, the price of gasoline rose 2.36% and natural gas 1.81 percent.

In the week, the WTI accumulates an increase of 3.99%. It should be recalled that, during yesterday’s session, the OPEC + Joint Ministerial Supervisory Committee revised up its demand expectation for this year by 400 thousand barrels per day.

With this, demand is expected to be 6 million barrels per day higher than the 2020 lows. Likewise, demand expectations continue to improve, following the publication of the weekly report from the United States Energy Information Administration (EIA, for its acronym in English).

In the report, it was revealed that distillate inventories in the United States were reduced by 3.3 million barrels, which was considered positive by market participants, as they expect the reactivation in refining to increase the demand for oil.

In the session, the euro touched a low of 1.2056 and a high of 1.2135 dollars per euro. Finally, the euro peso touched a minimum of 24.0792 and a maximum of 24.2547 pesos per euro.

At the close, the interbank quotes for sale stood at 19,9082 pesos per dollar, 1.3940 dollars per pound and 1.2123 dollars per euro.

Gabriela Siller; PhD

Director of Economic-Financial Analysis.

Banco BASE