The currency and its regional peers focused losses in a session marked by the possibility of the US imposing stricter trade restrictions on China regarding chips.
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The Mexican peso depreciated this Wednesday. The currency and its regional counterparts fell affected by a global wave of risk aversion, spurred by reports that the United States is considering imposing stricter trade restrictions on China.
The exchange rate ended the day at 17.7192 units. Compared to yesterday’s close of 17.6439 pesos, as per the official data from the Bank of Mexico (Banxico), this movement meant a loss of 7.53 cents for the currency, equivalent to 0.43 percent.
The price of the dollar moved within an open range, reaching a high of 17.8135 units and a low of 17.6481. The Dollar Index (DXY) from the Intercontinental Exchange, which measures the greenback against a basket of six currencies, fell 0.50% to 103.75 units.
USD/MXN
Concerns about the possibility of further US restrictions on China, particularly in the chip sector, overshadowed comments from Federal Reserve officials about rate cuts that weakened the dollar against its major counterparts.
From a technical standpoint, analysts at Intercam Casa de Bolsa mentioned that the peso’s loss encountered initial resistance levels at 17.82 pesos, with extensions to 17.88 per dollar, while support was found at 17.72 pesos, extending to 17.68 units.
The peso was pressured by fears of trade restrictions involving China and its access to chips. The exchange rate operated up to 17.81. Most of the depreciation was observed in Latin American currencies.