Mexican Peso Weakens Due to Globally Strengthening Dollar

The local currency declines due to the global strengthening of the dollar as investors exercise caution, preparing for the release of the minutes from the latest Federal Reserve meeting.

The Mexican peso depreciates on Wednesday morning. The local currency declines due to the global strengthening of the dollar as investors exercise caution, preparing for the release of the minutes from the latest Federal Reserve meeting.

The spot exchange rate stands at 16.6559 pesos per dollar. Compared to an official close of 16.6366 pesos yesterday, according to data from the Bank of Mexico (Banxico), this movement represents a loss of 1.93 cents, equivalent to 0.12 percent.

The dollar’s price fluctuates between a high of 16.6950 pesos and a low of 16.5926 pesos. The Intercontinental Exchange’s Dollar Index (DXY), which measures the greenback against six benchmark currencies, rises 0.09% to 104.76 points.

Seeking clues about future interest rate movements, investors will closely analyze the minutes from the latest U.S. Federal Reserve monetary policy meeting. Locally, investors are preparing for tomorrow’s release of inflation figures for the first half of May, GDP growth data for the first quarter, and the minutes from Banxico’s latest decision.

Meanwhile, 11 days before the presidential election, Xóchitl Gálvez Ruiz boasted that she has already surpassed her main opponent in the polls.

The PAN, PRI, and PRD candidate for the Presidency of the Republic claimed that she is leading the polls on voter preferences ahead of the upcoming June 2 election.