The Mexican pesoor operates with profits on the morning of this Monday, on the first day of the week. The local currency depreciates against the dollar for the third consecutive day and is trading at 18,9100 units per greenback, in the midst of a wave of risk aversion that strengthens the US currency.
Faced with its official closing last Friday of 18.8360 units per dollar, with data from the Bank of Mexico (Banxico), the parity moves 7.40 cents that are equivalent to a 0.39 percent drop. The price ceiling is located at 18.9631 units, its worst record so far this 2020.
Two fundamental factors are indicated as the cause of this decline in the peso: the weak figures of Mexico’s economic activity and risk aversion due to the outbreak of a coronavirus in China. Both pressures reversed a downtrend and now the pair points towards the area over 19 units.
The Dollar Index (DXY), which measures the strength of the currency against a basket of six reference currencies, advances 0.11% and is located at a level of 97.76 units. Risk aversion after more than 80 deaths in China from the coronavirus returns part of its strength as a safe asset to the dollar.
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