USD exchanges less than 22 pesos today June 3rd, 2020

The Mexican peso began the session on Wednesday with an appreciation of 16 cents, when it was exchanged at 21.5907 for a spot dollar, driven by investor optimism regarding the reopening of economies, the rise in oil prices, as well as by positive economic indicators in Europe and the United States, despite protests in the neighboring country, publishes Notimex.

At bank windows, the dollar is sold this morning at retail in Banamex at 21.57; at BBVA 21.79; in Banorte 22.05; at Monex 22.16; CI Bank 21.91; Inbursa 22.20, and Intercam 21.80 pesos.

West Texas Intermediate (WTI) and Brent oil prices peaked at $ 38.18 and $ 40.54 a barrel, respectively, levels not seen since early March.

This morning the ADP survey of private sector employment in the United States was published, which showed the destruction of 2.76 million jobs during May, less than expected by the market of 9 million. Also, the loss of jobs in April was revised, going from 20.24 million to 19.56 million.

The indicator has not had an observable effect on the exchange rate, although it could contribute to a further recovery in the peso.

Optimism prevails in the financial market, due to the publication of positive economic indicators for the services sector. In China, the services sector PMI rebounded from 44.4 to 55 units in May, accumulating three months of consecutive increases and its highest level since the end of 2010.

In Europe, the services PMI indicators also show a recovery, with the indicator for the Eurozone rising from 28.7 to 30.5 points in May, while in the most affected countries the rebound was higher, with Spain’s services PMI rising from 7.1 to 27.9 points and that of Italy from 10.8 to 28.9 units.

Stock markets react positively to these indicators, with gains in Asia and Europe averaging over 1 percent, while in the United States the futures market points to gains during the session.

During the session, an exchange rate is expected to trade between 21.35 and 21.80 pesos per dollar.

Source: banxico.org.mx

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