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Peso Remains Strong versus Dollar

Peso remained strong versus the dollar as the positive trajectory in oil prices saw stock exchange the local currency
By The News · 22 of February 2016 19:04:07
PRECIO DEL DÓLAR, Cierre de la jornada cambiaria en bancos de la Ciudad de México. NOTIMEX/FOTO/CARLOS PEREDA/CPM/EBF/, No available

The News

In the first session of the week the peso remained strong in relation to the dollar, in a positive effect on foreign exchange related to the positive trajectory of international oil prices and a lesser aversion to risk reflected in the world’s main stock exchanges.

According to Mexico’s Central Bank (Banxico), the local currency ended the beginning of the week with an appreciation of 0.84 percent versus the dollar, putting the interbank exchange rate at 18.0470 units at the closure, lower than the 18.20 pesos per unit of last Friday.

The dollar ended the day at 18.37 on sale at banking windows, or 0.13 pesos lower than previously, according to Banamex, while on purchase at 17.62 pesos in the same institution.

Likewise, BBVA Bancomer offered the dollar at 18.45 pesos, 14 cents cheaper than last Friday.

According to CI Bank and CI exchange bureau, throughout the week the behaviour of the peso-dollar will respond to the economic data of the United States which will be used by investors to measure the performance of its economy.

Additionally, both institutions asserted that the weekly trajectory of the stock exchange will be affected by the results of the G20 meeting between ministers in China, where authorities of the asian giant will announce measures in support of the economy.

Finally, both subsidiaries foresaw a possible strong correlation between exchange rates and international oil prices, leading to previsions of variations of the peso-dollar parity between 17.96 up to 18.37 pesos per currency.