The Mexican peso begins the week with losses, awaiting significant economic data.
The Mexican peso started the week with moderate losses as the local currency weakened in a cautious market, driven by tensions in the Middle East and ahead of key economic data releases in both Mexico and the U.S. in the coming days.
The exchange rate closed at 19.3049 pesos per dollar, compared to Friday’s official rate of 19.2587, according to data from the Bank of Mexico (Banxico). This movement represents a loss of 4.62 cents, or 0.24%, for the peso.
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During the day, the dollar fluctuated between a high of 19.4310 pesos and a low of 19.1936. Meanwhile, the U.S. Dollar Index (DXY), which tracks the dollar against six major currencies, remained mostly unchanged at 102.52.
Traders are closely monitoring developments in the Middle East, which have heightened risk aversion. At the same time, they are keeping an eye on economic trends to anticipate potential interest rate changes.
In Mexico, consumer inflation data for September will be released on Wednesday, followed by the Federal Reserve’s policy minutes on the same day. On Thursday, U.S. inflation data and Banxico’s minutes are expected.
A cautious outlook may prevail due to the ongoing conflict in the Middle East and the moderation of expectations for Federal Reserve rate cuts for the remainder of the year.
Additionally, there could be increased volatility this month in the lead-up to U.S. elections, with the political landscape in both the U.S. and the Middle East likely playing a key role in shaping risk appetite.
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