Mexico City, Despite the fear of oil supply restrictions and uncertainty due to hostilities between Iran and Israel, the Mexican peso managed to close the first session of the new administration in Mexico with gains against the US currency, which strengthened worldwide by the risks associated with geopolitics.
After the holiday on Tuesday, due to the inauguration of Claudia Sheinbaum Pardo, as president of Mexico, the Mexican currency registered a daily appreciation of 1.40 percent this Wednesday, equivalent to 27.59 cents against its US counterpart, to close at 19.4162 pesos per dollar spot. Since it was positioned as the most appreciated currency against the dollar in the broad basket of currencies.
According to data from the Bank of Mexico (BdeM), the exchange rate operated between a maximum of 19.4630 units and a minimum of 19.3430 units in the wholesale market.
“Claudia Sheinbaum swore yesterday as president of Mexico. In his first speech he showed elements of continuity and change. Among the not so positive elements were the comments on the reform of the Judiciary, the presentation of social programs and the fact that it became constitutional due to its implications on public finances.
“On the positive side, the emphasis is on the need for private investment, as well as the security they can have with their projects; the autonomy of the Bank of Mexico; a responsible fiscal policy, with a reasonable debt-to-GDP ratio; the emphasis placed on economic integration with North America; the omission of the disappearance of the autonomous bodies,” described the economic analysis area of CIBanco.
For its part, the DXY index, which measures the behavior of the dollar against a basket of six international currencies, went up, with a gain of 0.44 percent, to 101,375 units, its best level since mid-September, given the escalation of hostility in the Middle East.
Uncertainty
And the impact of Iran’s response towards Israel continues to hit the markets and there is uncertainty, because although the dock workers’ strike in the United States is a relevant issue for investors, they are more alert to how far the war conflict will go. .
Oil prices continued to rise. He Brent rose 0.46 percent on Tuesday, to $73.90 per barrel, while oil futures West Texas Intermediate (WTI) in the United States gained 0.39 percent, to $70.10, after the United States reported a large buildup of crude oil reserves.
Oil prices rose on Wednesday on concerns that the escalating conflict in the Middle East could threaten oil supplies in the world’s main producing region, but a large buildup of crude inventories in the United States limited gains. .
Meanwhile, the private sector in the United States created 143 thousand jobs in September, a figure higher than the 103 thousand in August and above expectations, which breaks a sequence of five consecutive months of slowdown, the consulting firm showed. ADP.
The report highlights that the industry created jobs for the first time since April. The data is one more sign that labor market conditions are not deteriorating. The above encourages the Federal Reserve to continue lowering its reference rates.
Despite the above, Wall Street It closed flat and the Mexican Stock Exchange accumulated its third consecutive decline.
He Nasdaq it advanced 0.08 percent, to 17,924.26 points; he S&P 5000.01 percent, to 5 thousand 709.54 integers and the Dow Jones0.09 percent, to 42 thousand 196.52 points.
The Price and Quotations Index of the Mexican Stock Exchange fell 0.53 percent, to 52,199.66 integers.
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