The peso closed the week with an appreciation of 27.8 cents, equivalent to 1.38%, trading around 19.92 pesos per dollar, with the exchange rate touching a minimum of 19.8523 and a maximum of 20.2255 pesos per dollar.

In the last two weeks, the peso accumulated a 2.16% advance against the dollar and is the twelfth most appreciated currency in the last 10 sessions.

It is worth mentioning that the appreciation of the peso during the week was mainly due to a weekly weakening of the dollar of 0.77% and 1.68% in the last two weeks.

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In the wide basket of main crosses, a strengthening of most currencies was observed, driven by the increase in the prices of raw materials and by a greater appetite for risk in global financial markets.

There are two factors that allowed the Mexican peso to appreciate during the week. The first is the broadly flexible monetary stance expected from the Federal Reserve.

The second is the gains reflected in the commodity market in the weekly accumulated, which allowed the currencies of commodity-producing countries to register gains against the dollar.

It should be added that, although the United States economy has already achieved a full recovery in terms of GDP, employment still remains 5.3 million below the pre-pandemic level, reached in February 2020.

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The exchange rate reached its minimum for the week of 19.8523 pesos per dollar in the minutes after the publication of the non-agricultural payroll, respecting the key support of 19.80 pesos per dollar, which has been consistently respected since April.

Going forward, the performance of the exchange rate is expected to remain stable around 20.00 pesos per dollar, moving according to the expectations of the monetary policy of the United States and Mexico.

Let us remember that in Mexico there have been sustained increases in inflation expectations and next week, on September 9, we will be attentive to the inflation data that is published for the end of August.

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Original note