the mexican peso closed this week at its best level in almost three years, ending this Friday at 18.77 units per US dollar, according to the Bank of Mexico (Banxico), the first time it has traded below 19 since 2020.
This is his best closing since February 18, 2020when the day ended at 18.59, during the last week in which it traded below 19 units until now.
Despite the optimism of the Mexican government for this indicator, “the appreciation of the peso happens along with the weakening of the dollar”opined Gabriela Siller, director of economic analysis at Banco Base, in an analysis shared with the media.
“The dollar lost ground after the publication in the United States of the consumer confidence of the University of Michigan, which rose from 59.7 points to 64.6 points. The combination of lower inflation and better economic expectations reduces the risk of a recession in the US” , said.
The exchange rate milestone occurs after The Mexican peso ended 2022 as the second of only four currencies to appreciate against the US dollar, along with the Russian ruble, the Brazilian real and the Peruvian sol.
Given the appreciation of the peso this week, President Andrés Manuel López Obrador he presumed that “the peso is strengthened as it has not been seen in half a century.”
“It is due to the confidence that investors have in Mexico because of the possibilities that exist for investment, for companies,” he said at his press conference on Thursday.
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