Mexico City. As the dollar regained attractiveness internationally, awaiting the first forecast of the gross domestic product (GDP) of the United States for the first quarter of 2024 and the consumption and personal spending indices of the world’s main economy for March , the Mexican exchange rate fell this Wednesday.
The Mexican currency lost 0.64 percent, equivalent to 10.85 cents against its US counterpart, to close at 17.07 units per dollar in the wholesale market.
According to data from the Bank of Mexico (BdeM), the exchange rate operated this Wednesday between a maximum of 17.14 units and a minimum of 17.04 units.
The above in a context where inflation in Mexico surprised with a higher-than-anticipated growth of 4.63 percent annually, above the 4.5 percent forecast. “With this report, voices will grow that Banco de México would leave its rate unchanged at the May meeting,” highlighted CIBanco analysts.
The dollar index, the DXY, traded above 106 units, to reach an appreciation of 0.15 percent at the close, to 105,665 units. While traders await macroeconomic data to know the Federal Reserve’s (Fed) restrictive outlook, they are beginning to anticipate just two rate cuts this year.
Bond yields rose on Wednesday, which had recently been a headwind for stocks. The 10-year Treasury yield rose to 4.644 percent, near its 2024 high.
Stocks and oil
Durable goods orders grew 2.6 percent monthly in March, above market consensus, strengthening the view that the U.S. economy could grow 2.5 percent, with some going as high as 3.0 percent quarterly annualized, versus to the previous 3.4 percent.
Meanwhile, Wall Street stabilized and closed mixed, without major changes with respect to the previous level, due to the technology sector, supported by the rise in the price of Tesla shares (12.06 percent) and due to the expectations of the financial reports of Goal.
The tech-heavy Nasdaq ended up 0.10 percent at 15,712.75 points. The S&P 500 finished slightly above the flat line, with a marginal advance of 0.02 percent, to 5 thousand 71.63 points; while the Dow Jones closed with a drop of 0.11 percent, to 38,460.92 integers.
The Mexican Stock Exchange (BMV) fell 0.30 percent, equivalent to 169.76 points, to close at 56,463.99 points. Grupo Carso’s share price fell 3.72 percent; Alsea, 3.36 percent; Vitro and Fresnillo lost 2.21 and 2.18 percent, in that order. On the other side of the coin, Chedraui shares rose 4.26 percent; Peñoles, 4.6 percent; Flying, 2.87 percent, mainly.
US West Texas Intermediate (WTI) crude oil retreated slightly on Wednesday, moving away from $83 a barrel to trade at $82.80, as broad market Tuesday risk appetite evaporates in the mid-week session . Despite easing buying pressure in barrel markets, crude oil declines remain limited after US barrel counts declined week over week.
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– 2024-04-30 19:10:12
