Mexico City. After the Bank of Mexico did not copy the same dose of interest rate cuts as its US counterpart this Thursday, the Mexican peso recovered against the dollar.
At the close of the session in the interbank (wholesale) market, the Mexican currency registered a daily appreciation of 0.09 percent, equivalent to 1.75 cents, to conclude at 19.6225 pesos per spot dollar. The above, after the previous depreciation of 1.57 percent, which took the Mexican currency to 19.64 per dollar.
In the midst of solid economic growth in the United States and the push of the commoditiesafter the authorities in China will intensify their efforts to reactivate efforts, the exchange rate oscillated this Thursday between a maximum of 19.7540 units and a minimum of 19.5400 units, according to data from the Bank of Mexico.
The Mexican monetary authority fulfilled the script of most analysts who expected a cut in the cost of credit of 0.25 percentage points and, it emphasized, that on this occasion it was not going to copy the Federal Reserve (Fed), who surprised the last week with a decrease in its rate by 0.50 percentage points, as expected by another part of the specialists.
Before the opening of the American markets, the The United States Bureau of Economic Analysis announced that the US economy definitively expanded by 3 percent during the second quarter of 2024, which for the moment alleviated fears of an economic recession as Mexico’s main trading partner moves away.
“The update primarily reflected upward revisions to private inventory investment and federal government spending offset by downward revisions to nonresidential fixed investment and exports,” the report stated.
Meanwhile, initial applications for unemployment benefits in the United States fell again last week, this time by 4 thousand, to stand at 218 thousand; While durable goods orders did not rise in August, those of the control group did by 0.5 percent monthly, against the expected 0.1 percent.
Metals rise
In addition, Chinese President Xi Jinping and the Politburo asked to fiscally stimulate the economy to achieve growth objectives, for which it plans to inject one trillion yuan into its state banks to increase support, since an increase is expected. in banks’ core gold reserves, boosting demand for the metals.
Gold reached levels of $2,700 per troy ounce; while copper rose to $4.6480 per pound, a gain of 3.53 percent.
The historical levels of the prices of gold and copper, mainly, supported the shares of mining companies, so that together with them, in the Mexican Stock Exchange, and hand in hand with the highs on Wall Street, it gained 0.75 percent, equivalent to 399.59 points, to 53 thousand 590.52 units.
Fresnillo’s share price rose 21.69 percent; while the securities of Grupo México rose 4.23 percent and those of Peñoles, 4.23 percent, being among the stations that gained the most in this Thursday’s session.
The Price and Quotation Index (IPC) of the BMV managed to reach 54 thousand points during the morning session, but the declines in Walmart shares of 1.78 percent; of Oma, 2.14 percent, counteracted the optimism.
The three main US indices rose. The Dow Jones Industrial Average gained 0.62 percent, to 42,175.11 points; The Nasdaq, with a large technological presence, rose 0.58 percent, to 18 thousand 187.12 points. The S&P 500 advanced 0.40 percent to 5,745.37 points and is on track for its best performance during the first three quarters of the year since 1997.
Declines return to the oil market on the prospect of Saudi Arabia abandoning its unofficial price target of $100 and preparing to increase production. The barrel of Brent drops to $71.60, with a drop of 2.53 percent; compared to the $67.67 price of West Texas crude oil, the benchmark in the United States, with a decrease of 2.9 percent.
#Mexican #peso #recovers #dollar #closes
– 2024-10-04 18:38:17
