Mexico City. As we wait for the Federal Reserve’s (Fed) two-day monetary policy meeting to conclude this Wednesday, financial markets are operating mixed.
While the operation of the Mexican financial markets is on break for the Labor Day holiday, exchange rate operations in international markets operate between 17.0700 pesos per dollar, a recovery with respect to the closing of the last April session at 17.1268 per dollar. dollar in the interbank market.
And the dollar, according to its DXY weighted index, which measures its behavior against a basket of six international currencies, depreciates marginally by 0.02 percent, to 106,080 units.
Investors expect the Fed’s Federal Open Market Committee (FOMC) to keep the benchmark rate unchanged in a range of 5.25-5.50 percent. In line with recent comments from Fed members, they expect a restrictive tone (hawkish) in this Wednesday’s statement, where he made it clear that the Fed will need more time to be confident that inflation is heading sustainably to 2.0 percent.
In any case, attention will focus on the clues that may be conveyed about the expected delay in the start of interest rate cuts. The market already sees a first cut in September as more likely than in July.
On Wall Street, attention is focused on results and monetary news, since its indices operate mixed. The Nasdaq fell 0.15 percent, while the Dow Jones only gained 0.03 percent, but the S&P 500 lost 0.26 percent.
After knowing the monetary decision and the comments of Jerome Powell, president of the Fed, this Wednesday the spotlight will turn to the report on the United States labor market for April. It is estimated that 225 thousand jobs will be created and the unemployment rate will be 3.8 percent. The figures would confirm that the strength of employment is maintained.
Meanwhile, the required yield of 10-year United States Treasury bonds operates at 4.639 percent.
The price of oil continues the cuts of previous sessions in the face of a possible ceasefire in Israel. The barrel of Brent falls to 85.75 dollars, while the price of the West Texas type barrel, the reference in the United States, stands at 81.32 dollars.
The declines in oil do not occur in the price of the precious metal, which rises 0.77 percent towards levels of 2,319 dollars per ounce.
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– 2024-05-05 11:01:53
