For the first time in almost three years, the Mexican peso It is exchanged this Wednesday below 19 units for dollar.
The national currency is quoted at 18.99 pesosa gain of 0.3% or eight cents compared to Tuesday, indicate the wholesale operations reported by Bloomberg.
This is the strongest intraday level of the peso since February 25, 2020, when the pandemic had not yet been declared and the currency reached 18.94 units at times that day.
Banorte experts relate the peso gain with the expectation of a possible moderation in inflation in the American Union, whose result to December will be announced tomorrow.
From his perspective, the result may determine the pace of the Federal Reserve’s rate hike. (Fed) of the United States this year.
The analyst consensus sees US inflation at 6.5% last month, after reaching a rate of 7.1% in November.
Economic reopening in China, a key factor
In Banorte, they also highlighted the investor optimism for the economic reopening in China.
Despite the rebound in the number of infections in China is affecting economic activity, the negative effect of the rapid reopening of the Asian country is expected to be short-term, they opined in “El Banco Fuerte de México”.
“It is estimated that the peak of infections will be reached in a couple of months and that, as happened last year in Hong Kong and Taiwan, household spending will rebound strongly after that,” they explained.
retail, The dollar is sold this Wednesday at 19.55 pesos at CitiBanamex windows.
Forecasts for this year
Analysts consulted by the National Bank of Mexico predict that the peso will end this year at 20.50 wholesale units.
The British bank Barclays is the most optimistic participant, with a projection of 19 pesos, while at the other extreme, as the pessimist, is Monex, whose expectation indicates an exchange rate of 21.30 units at the end of this year.
The stock markets in the United States also operate with gains on Wednesday, “betting on a slowdown in US inflation, which would reinforce the case for less aggressive interest rate hikes,” BBVA analysts agreed.
On the other hand, the main indicator of the Mexican stock exchange It accumulates eight days of earnings and stands this Wednesday at 53,207 points, its best intraday level since April 22 of last year. Of the most traded companies, Cemex stands out, whose share rose 4.3% in the session.
Stock market analysts anticipate that the financial park will end this year at 56,318 units, according to the results of the survey that the Mexican Association of Stock Market Institutions (AMIB) applied from November 30 to December 7.
MetaAnálisis appears as the most optimistic participant, with a projection of 59,400 points, while at the other extreme, as the pessimist, was Banorte, whose expectation indicates a year-end of 48,800 points.
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