Mexico City. With an eye on the United States, the dollar suffers a significant setback worldwide, as uncertainty is latent in the day before the presidential elections of Mexico’s main trading partner. At the opening of the American markets, the Mexican peso recovers against the weakness of the dollar, operating with an appreciation of 1.05 percent, to 20.0528 units per dollar.
The appreciation occurs alongside the weakening of the US dollar by 0.60 percent, according to the DXY index, which measures the behavior of the US currency against a basket of six international currencies, to 103,600 units after winning for four consecutive weeks. 3.67 percent.
“The weakening of the dollar is due to the fact that the market is waiting for the United States elections, tomorrow, Tuesday, November 5, since it continues to be discounted that the Federal Reserve will cut the interest rate by a total of 0.50 percentage points before until the year ends,” explained Gabriela Siller, director of economic analysis at Banco Base.
Expectation is maximum ahead of the United States presidential elections that will be held tomorrow. The tightness of the polls between Donald Trump and Kamala Harris and the significance of the result keep investors in suspense, to the point of containing their portfolio adjustments. This caution could predominate until Wednesday, the day on which the composition of the new political scenario in the United States could already be known.
As the elections approach, the recent escalation in debt interest rates eases. The weakness of last Friday’s employment data also helps cool debt sales. The yield on the 10-year US bond awaits further developments at 4.284 percent.
The slowdown in the pace of US job creation expands the setback given to the dollar, in forecasts of further rate cuts from the Federal Reserve (Fed).
Oil is pointing up, in a session of reduced movements in the rest of the markets.
The barrel of Brent rises to $74.73, equivalent to an increase of 2.23 percent this morning, once the decision of OPEC+ to delay the increase in crude oil production planned before the latest falls in the price was confirmed. The possibility of new additional stimuli in China during the week also helps the advances, which return the West Texas barrel, the benchmark in the United States, to $71.21, an increase of 2.48 percent.
Gold is trying to advance, although it is hovering around maximum levels, at $2,750.20 per ounce.
Wall Street, which changed its opening hours, opens lower, led by Nasdaq, with a decline of 0.63 percent; while the Mexican Stock Exchange (BMV) rises 0.55 percent.
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