The local currency benefited from the weakening of the greenback following the release of weaker-than-expected data in the U.S., which supports bets on rate cuts.

The Mexican peso appreciated against the U.S. dollar on Wednesday. The local currency benefited from the weakening of the greenback after the release of weaker-than-expected data in the United States, supporting bets on rate cuts.

The exchange rate closed the session at 18.1864 pesos per dollar. Compared to the previous day’s rate of 18.2697, based on official data from the Bank of Mexico (Banxico), this movement represented an appreciation of 8.33 centavos, equivalent to 0.45%. The dollar traded within a range, with a maximum of 18.3060 and a minimum of 18.1095 pesos. The Dollar Index (DXY) of the Intercontinental Exchange, which measures the greenback against a basket of six major currencies, fell 0.34% to 105.69.

The weekly number of initial jobless claims in the U.S. was higher than expected, with 238,000 claims. The market had anticipated 235,000 claims, and the previous figure was revised up from 233,000 to 234,000.

In labor data, ADP private payrolls were significantly lower than the consensus forecast, with 150,000 jobs added. Analysts had expected 160,000 jobs, compared to the previous figure of 152,000, which was revised up to 157,000.

The peso’s performance was influenced by the dollar’s weakness due to poor labor market data. In terms of monetary policy information, investors received the minutes from the latest Federal Reserve meeting. The Federal Open Market Committee expressed a preference for waiting for more data before deciding on a rate cut.