Peso, on the rise after change of federal administration

Despite the fear of oil supply restrictions and uncertainty due to hostilities between Iran and Israel, the peso managed to close the first session of the new administration in Mexico with gains against the US currency, which strengthened worldwide due to the risks associated with geopolitics.

After the holiday on Tuesday, due to Claudia Sheinbaum Pardo assuming the presidency of Mexico, the Mexican currency yesterday registered an appreciation of 1.40 percent, equivalent to 27.59 cents against its US counterpart, to close at 19.4162 pesos per dollar spot. Since it was positioned as the most appreciated against the dollar among the broad basket of international currencies.

According to data from the Bank of Mexico (BdeM), the exchange rate operated between a maximum of 19.4630 units and a minimum of 19.3430 in the wholesale market.

In her first speech Claudia Sheinbaum showed elements of continuity and change. Pointing out the need for private investment, as well as the security they can have with their projects; the autonomy of the Bank of Mexico; a responsible fiscal policy, with a reasonable debt-to-GDP ratio; the emphasis placed on economic integration with North America; The omission of the disappearance of the autonomous bodies was well received by the marketdescribed the economic analysis area of ​​CIBanco.

For its part, the DXY index, which measures the behavior of the dollar against a basket of six international currencies, went up, with a gain of 0.44 percent, to 101,375 units, its best level since mid-September, given the escalation of hostility in the Middle East.