The Mexican peso was placed at its best level since the end of February 2020, driven by an inflation figure from the United States, in addition to an increase of 75 basis points in the interest rate announced this afternoon by the Bank of Mexico ( Banxico)

According to information from the Bank of Mexico, the Mexican currency registered an appreciation of 1.22%, or 23.98 cents, with respect to the previous closing. With this, the exchange rate stood at 19.3634 pesos per dollar.

Check here: Solili Offices Report October 2022. demand exceeds 80% that registered in 2021

A weakening was observed for the North American currency, since US inflation stood at an annual rate of 7.7% for the previous month, below the 7.9% expected by the market, so operators expect the Federal Reserve to moderate the interest rate increases.

Banxico was expected to maintain the tightening of interest rates and another factor that boosted the peso today is the US inflation data, being lower than expected the market weighs a lower rise for the meeting of the FED in December, causing a wider gap between the interest rates of both countries, favoring the carry trade”, explained Eduardo Ramos, financial markets analyst for ATFX LATAM.

The dollar index (dxy) that measures the strength of the US currency against a basket made up of six currencies of developed countries shows a decrease of 2.17%, at a level of 108.15 units.

Of interest: Solili Industrial Report October 2022, demand exceeds 375 thousand m² in the country

Likewise, the Bloomberg dollar index (bbdxy) shows a drop of 1.91%, reaching 1,294.39 units. In the money market, the yield of the 10-year bond for the US market is 3.87%, in contrast, the yield of the 10-year Mbono in Mexico is at a rate of 9.97%.

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Original note