The Mexican peso opens with losses

Mexican Peso Opens with Losses Against the US Dollar The Mexican peso opened with losses against the US dollar on the morning of this Tuesday.

Thus, the Mexican peso starts with losses on August 29th, retreating in a market that awaits key figures in the United States.

Furthermore, this is a consequence of the knowledge that the Mexican economy grew less than anticipated between April and June. The spot exchange rate is positioned at 16.8343 pesos per dollar.

Compared to yesterday’s official closing of 16.7722 units, based on data from the Bank of Mexico (Banxico), this movement represents a setback of 6.21 cents, equivalent to a variation of 0.37 percent.

The Mexican peso opens with losses: Benefits

The exchange operates within a narrow range, with a maximum of 16.8541 units and a minimum level of 16.7550 units. The Intercontinental Exchange Dollar Index (DXY), which measures the greenback against other G7 currencies, is down 0.22% and is situated at a level of 103.83 points.

“Technical signals have been neutral since yesterday, although the 10-day moving average has crossed downward. It will be crucial to assess whether the currency remains above 16.80 per dollar to determine if the trend will continue in the coming sessions,” explained Monex.

Traders are anticipating key inflation and employment figures in the United States at the end of this week, on Thursday and Friday. On the local front in Mexico, it was revealed that the GDP in the second quarter grew below the preliminary estimate.

“The Inegi revealed that the GDP for the second quarter grew by 0.8%, slightly below the 0.9% reported in its preliminary estimate. This figure aligns with the expectation of a 3.2% growth in 2023.

The Mexican peso opens with losses, but in this regard, certain sectors benefit, such as remittances sent from the United States.