Mexico City. Ahead of the financial report from the world’s largest chipmaker, Nvidia, the exchange rate is correcting at the start of the session on Wednesday.
The Mexican currency is trading with an appreciation of 1.49 percent, to operate at around 19.4586 pesos per dollar. It should be remembered that yesterday it closed in the interbank market at 19.7131 units per dollar.
The dollar, which had been losing ground until the intervention of Jerome Powell, president of the Federal Reserve (Fed) in Jackson Hole, is recovering some ground in recent days. According to the DXY index, which measures its performance against a basket of six international currencies, it appreciated 0.58 percent, to 101.042 units. The euro is moving away from 1.12 dollars while the pound is trading at 1.32 dollars.
While waiting for the quarterly inflation report from the Bank of Mexico at noon, Mexico City time, the exchange rate shows a recovery against the dollar, which is known as volatility and the closer we get to September, the more it will intensify, since the changes proposed by the current administration are beginning to be discussed in Congress.
According to experts, the presentation of the quarterly report of the chip manufacturer Nvidia has become an important event for the markets. It is published today at the close of trading on Wall Street. Whether it meets expectations or disappoints may determine the evolution of the markets in the short term.
Also on Friday, the personal consumption price index, the PCE, will be released, which is the most closely watched price variable by the Federal Reserve. Analysts believe that its performance may determine the amount of interest rate cuts that the Fed is expected to undertake in mid-September.
On Wall Street, stock markets are off to a downturn. The Nasdaq is down 0.48 percent, while the S&P 500 is down 0.14 percent.
Calm is returning to the oil price. While the week began with a barrel of Brent above $80 due to uncertainty over Libyan production, it corrected yesterday with the market hoping for a gradual halt rather than a total and imminent cessation. This morning it was trading below $78. The barrel of West Texas (WTI) crude, the benchmark in the United States, is trading at $75 per barrel.
#Peso #trades #dollar #financial #markets #mixed
– 2024-09-04 05:54:35
