Peso recovers 15 cents; is shaping up to break 8-weekly streak

The exchange rate is located at the level of 20,2002 units per dollar, with a movement of -0.75% against the US currency.

The Mexican peso operates in the early hours of today with an upward shift over yesterday’s gains. The exchange rate is located at the level of 20,2002 units per dollar , with a movement of -0.75% against the US currency. This means an appreciation of 0.15 cents for our currency.

At the national level, the peso is supported by the year- on- year inflation figures presented by the Inegi for the month of November. The record of 4.72% was lower than the previous figure of 4.90 percent.

Another factor that favors its performance against the dollar is the negative data of non-agricultural payrolls in the United States, and the November unemployment rate in that country, which stood at 3.7%, unchanged against the previous record.

Due to the interest that the US Federal Reserve ( Fed ) has in the employment figures, the registrations increase the forecasts for greater moderation in the rate of increases in interest rates during 2019. Investors remain alert to further signs of economic slowdown.

The peso is set to record an accumulated rise in the week, which would interrupt a streak of eight consecutive weekly falls.

The dollar in the world

The international market returned doubts about the commercial relationship between the United States and China, after the arrest of Huawei’s finance director , Wanzhou Meng, in Canada. This was in addition to the announcement made by the Organization of the Petroleum Exporting Countries (OPEC) about a possible cut in crude production.

The dollar is under pressure internationally and loses 0.04% against the euro, which is trading at 1.1383 dollars. Against the Japanese yen, the reference in Asia, the dollar loses 0.01% and trades at 112.68 per dollar.

The futures of the dollar index, which measures the strength of the US currency against a basket of six reference currencies, fall 0.10% and are located at the level of 96.67 units. Its 200-day moving average is 96.89 integers.

Today crude oil prices recover internationally, after the announcement of OPEC. US West Texas Intermediate futures are up 4.56% and are trading at 53.84 dollars per barrel. Those of the Brent mix, of European reference, earn 5.43% and quote at 66.33 dollars per barrel.

Source: El Economista

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