When starting operations, the price is of dollar Wednesday it rose to 20.53 pesos in banks. Meanwhile, the interbank exchange rate stands at 20.09 pesos per dollar, with a loss of 0.04 percent.
Citibanamex sells the dollar at 20.53 pesos while Banorte it does it in 20.55 pesos, BBVA Mexico at 8.31 pm, Azteca Bank at 20.05 and Santander in 20.06 units.
The weight it traded unchanged from the previous close when the dollar fell and US bond yields fell.
How’s the exchange rate going?
Basic sofa explained in a report that exchange rate stability at current levels is due to cautious behavior of market participants due to the following factors:
The first because of ongoing inflation risks that could push up interest rates in the coming months. The world economy continues to recover and in particular that of USA has a positive outlook.
This, while it will continue to trigger optimistic attacks that boost the performance of riskier emerging economies assets and currencies, it also increases the likelihood of seeing inflationary pressures that will force the Federal Reserve to adopt a less accommodative monetary stance. soon in 2022 ”, he said.
The second factor is that there is little relevant economic information, so that volatility could be observed based on the quarterly results of financial sector issuers in the United States.
The financial reports of JPMorgan, Goldman Sachs and Wells Fargo this morning They have shown that major US banks have reported revenues and earnings well above market expectations, as is the case with JP Morgan, which broke the record for one-quarter earnings at $ 14.3 billion.
“Since March 2020, the banking sector’s strategy has been to increase reserves to protect itself from the delinquencies that could arise in its loans. As the vaccination campaign progresses and the economic outlook improves, banks are starting to reduce those reserves, giving them more capital for loans or investments, ”he says.
Finally, in the specific case of the Mexican peso, there are internal risk factors that could limit its appreciation, highlighting the electoral process that will likely lead to temporary upward pressure on the exchange rate in May, ahead of the June 6 vote. will cause. There is also a factor of initiatives and reforms that can affect investment, with the proposed reform of the hydrocarbon law to be discussed in committees today.
During the early hours of the day, the Chamber of Deputies approved the reform restricting outsourcing and sent it to the Senate for review. According to the initiative, the subcontracting scheme will only be allowed for specialized services unrelated to the main objective of the company.
Real time dollar
The euro It is sold at the window for up to 24.48 pesos and for 23.97 pesos. For its part, the British pound is offered at 28.05 pesos and bought at 27.62
pesos.
The Bank of Mexico (Banxico) recorded an exchange rate of 20.07 pesos in the previous session per dollar.
With information from Reuters
MRA