July 7, 2020 | 1:45 pm
The peso lost ground against the dollar on Tuesday and snapped a winning streak, faced with a lower appetite for risky assets due to an overall increase in coronavirus cases.
At its interbank price, the dollar ended at 22.6830 pesos, a depreciation of 1.53% of the Mexican currency, or 35 cents above Monday, according to data from Banco de México (Banxico).
With Tuesday’s losses, the peso snapped a streak of five consecutive sessions of gains against the US currency, the longest since late May, and scored its worst day since June 18.
At retail, the greenback sells for 23.05 pesos at Citibanamex windows, 33 cents more expensive than yesterday.
Market attention is focused on prospects for economic development, as more countries register a spike in COVID-19 infections.
“Faced with doubts about whether the economic recovery will be consolidated in the short term due to increases in contagion due to the coronavirus and the new measures being implemented by some countries to deal with outbreaks, investors are choosing caution,” analysts at CI Banco said. .
Record increases in new infections in the United States have led cities to reverse plans to reopen, while India overtook Russia and recorded the world’s third-highest total of cases of the virus.
In Mexico there was an increase of 4,902 confirmed cases on Monday to reach 261,750 and an increase of 481 deaths until Monday and totaling 31,119, according to the Ministry of Health.
To date, the number of COVID-19 infections on a global scale amounts to 11.6 million, with a balance of more than 539,000 deaths, according to data from Johns Hopkins University.
This Tuesday, the Organization for Economic Cooperation and Development (OECD) indicated in its prospects for employment in 2020 that the unemployment rate in Mexico will reach a maximum of 7.2% in the second quarter of the year.
Regarding local economic indicators, car exports from Mexico fell 38.79% in June and they accumulated 11 months with setbacks annualized, according to Inegi figures.
With information from Reuters
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