The dollar was rising today ahead of important economic data from the United States scheduled for release this morning. Additionally, investors are keeping an eye on a monetary policy meeting in Canada, which could kick off a cycle of interest rate cuts.
The dollar has fallen to nearly two-month lows on expectations that the Federal Reserve (Fed) could cut rates sooner than anticipated. Investors are awaiting data on the services sector in the United States and new employment figures expected to be announced later in the week.
How much is the dollar worth today?
The Mexican peso was strengthening, recovering some of the ground lost in the last two sessions due to concerns about the possibility of the ruling party securing an absolute majority in Congress, which would allow it to implement significant constitutional reforms.
The currency was trading at 17.61 per dollar, up 1.34 percent from Tuesday’s reference price.
Euro and pound price
Yesterday, the euro was sold at a maximum of 20.60 pesos and bought at 19.31 pesos. As for the British pound, its selling price was 23.15 pesos and it was purchased at 22.68 pesos.
The Bank of Mexico (Banxico) reported an exchange rate of 17.86 pesos per dollar in the previous session.
In addition to the Mexican peso, what is the exchange rate of the dollar in other currencies?
Currently, the Mexican peso shows a depreciation of 1.69 percent compared to the beginning of the session, placing the exchange rate at 17.55 units per dollar.
Across the broad basket of major crossings, mixed results are seen.
Most appreciated currencies:
- Mexican peso with 1.25 percent.
- Chilean peso with 0.81 percent.
- Turkish lira with 0.68 percent.
- Hungarian forint with 0.57 percent.
- Swedish krona with 0.38 percent.
- Czech crown with 0.30 percent.
- South Korean won with 0.23 percent.
- Brazilian real with 0.22 percent.
Divisas más depreciadas:
- South African rand with 0.84 percent.
- Japanese yen with 0.77 percent.
- Israeli shekel with 0.44 percent.
- Indonesian Rupiah with 0.40 percent.
- Swiss franc with 0.20 percent.
Dollar in banks TODAY
Why is the Mexican peso strengthening against the dollar?
Currently, the Mexican peso is showing a 1.16 percent decline compared to opening levels, putting the exchange rate at 17.65 units per dollar.
According to Banco Base, the peso started this session with a 1.25 percent appreciation, or 22.3 cents, trading around 17.64 pesos per dollar, with a high of 17.86 and a low of 17.60 pesos per dollar.
This appreciation is due to a downward correction in the exchange rate, following a 4.99 percent drop in the first two sessions of the week. With this, the peso positions itself as the most appreciated currency in the broad basket of major crosses. The correction may be influenced by the brief conference of the Secretary of Finance, who mentioned that they will seek to reduce the fiscal deficit to 3 percent of GDP in the medium term and will respect the autonomy of the Bank of Mexico.
However, new episodes of volatility could occur due to concern about possible changes in the Constitution. In this regard, the actions of the President and the statements of the President-elect will be crucial, especially in relation to the reform of the judiciary, which is the last check on executive power, and the reform of the INE.
What is the exchange rate in Mexico?
If you’re wondering about the value of the dollar, you should know that at the start of trading today, June 5th, the interbank exchange rate stands at 17.64 pesos per unit, with a loss of 1.22 percent, according to Bloomberg data.
Yesterday, the Mexican peso continued its strong losses from the previous day, briefly reaching the 18 pesos per dollar mark, due to investor concerns about the possibility of a qualified majority of the ruling party in the next Congress pushing for deep constitutional reforms.
How did the Mexican peso close yesterday against the dollar?
Yesterday, the Mexican peso depreciated by 1.06 percent compared to the reference price, closing the session at 17.85 units per US dollar.
During the early hours, the national currency weakened to 18.20 units per dollar, a level not seen since October of last year. Regarding this, Gerardo Copca, analyst at the consulting firm MetAnálisis, commented:
The type of messages sent by the Ministry of Finance and Public Credit is positive, but uncertainty about what may happen in the Congress of the Union persists. What is worrying is the speed with which the peso has weakened against the dollar.
