Mexico City. Following the publication of US GDP data, which surprised markets with figures higher than previously expected, the dollar strengthened internationally, causing ups and downs and a depreciation trend in the Mexican peso on Thursday, returning to the 20-unit mark per dollar.
The Mexican currency returned to losses, after the pause made in the previous session, by presenting a daily depreciation of 0.98 percent this Thursday, equivalent to 19.21 cents against the dollar, to close at 19.8338 pesos per spot dollar, levels not seen since October 2022.
According to data from the Bank of Mexico, the exchange rate in the interbank market ranged between a maximum of 19.9210 units and a minimum of 19.7580 units.
While investors were assimilating greater growth from Mexico’s main trading partner, at the local level, the Electoral Court endorsed the qualified majority of Morena and its allies, who continue to prepare everything for the approval of the judicial reform.
The second estimate of gross domestic product (GDP) for the second quarter was released in the United States. The world’s largest economy grew 3 percent between April and June, above the forecasts of experts, who expected GDP growth to remain at the 2.8 percent pace recorded in the first quarter of the year.
The dollar thus strengthened, as according to the weighted index, DXY, which measures the performance of the US currency against a basket of six international currencies, it advanced 0.31 percent to 101.302 units.
Meanwhile, the Mexican Stock Exchange (BMV) advanced, while Wall Street closed mixed, gaining 1.33 percent, equivalent to an advance of 699.09 points, to close at 53,138.96 points.
The Price and Quotation Index (CPI) thus broke a streak of three consecutive days of losses and recovered the level of 53 thousand points.
Highs in the DW
The Dow Jones closed at another record on Thursday, its third this week, while other indexes ended the day lower as investors assessed earnings from Nvidia, along with data showing the U.S. economy grew more than expected.
The Dow Jones Industrial Average gained 243.63 points to end the session at a new all-time high of 41,335.05. The tech-heavy Nasdaq erased earlier gains and fell 0.21 percent to 17,519.04 points, while the S&P 500 closed flat at 5,591.96.
Stocks stumbled amid the reception to Nvidia’s numbers. While the chipmaker’s quarterly revenue and profit forecasts beat estimates, the size of the improvements fell short of expectations. That began to raise questions about whether the artificial intelligence (AI) boom had peaked. Wall Street remained optimistic about Nvidia shares, but they ended the day down 6.38 percent.
Oil prices rose more than a dollar a barrel on Thursday as supply disruptions in Libya and plans to cut output in Iraq raised fears of a tighter market.
Brent futures gained 1.64 percent to $79.94 a barrel, and U.S. West Texas Intermediate (WTI) futures rose $1.39, or 1.87 percent, to $75.91.
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– 2024-08-31 23:00:26
