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CITY OF MEXICO (Expansion) –
The Mexican peso experienced a strong rebound on Tuesday and led the advances of emerging currencies due to a weaker global dollar, and after the People's Bank of China said it would seek to maintain the "reasonable stability" of the yuan
In the counters of banks, the greenback was sold at 19.90 pesos, or 55 cents less than the previous closing, and the purchase was at 19.10 pesos, according to Citibamex's quote.
In BBVA Bancomer, the US dollar sells for 19.89 pesos, or 52 cents less than Monday, and the purchase in 18.32 pesos.
By and large, the dollar closed at 19.5755 pesos for sale, which means a gain of 2.40% for the national currency compared to the previous closing, according to data from the Bank of Mexico (Banxico) .
The Mexican currency remained unchanged at the impromptu press conference of the virtual winner of the presidential election, Andrés Manuel López Obrador, after meeting with current President Enrique Peña Nieto at the National Palace, in which he has badured that in his government, which will begin on December 1, there will be no intervention in the exchange rate.
López Obrador added that during his meeting with Peña Nieto, they agreed to work together on the review of NAFTA and that they were addressing other issues such as the respect for the autonomy of the Bank of Mexico and the New Mexico International Airport. It shows a significant recovery (…) after reaching maximum levels of 20.20 per dollar on Monday, the precedent in a moderate recovery environment of emerging currencies, while the peso displays the highest appreciation, "said M Santander in a report
In a statement posted on the website of the People's Bank of China, Governor Yi Gang said the central bank was closely monitoring currency market fluctuations and would seek to keep the yuan in A stable and reasonable level The official added that cross-border capital flows were under control
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"That was enough to change the sentiment of the markets because the fall of the prices of the financial badets in China raised many worries", explains Grupo Financiero Banorte in an badysis Tuesday
The Yuan dropped Tuesday this psychologically significant level of 6.7 units per dollar, its lowest level for nearly a year as concern over trade tensions with the US has increased.
Chinese currency and equity markets were on hold before July 6, when US $ 34 billion worth of Chinese goods will come into effect. Beijing has already said that it would retaliate with tariffs on US products
The dollar index of Bloomberg which measures the performance of the greenback against major world currencies, retreats from 0.44% to 1,181.27 units.
The rise in the peso is also supported by other factors such as: the recovery in oil prices, restrictive comments from the central banks of Sweden and England, which indicate possible increases in their rates of interest, and a repositioning of the market for July 4, a holiday in the United States, said Banco BASE's director of economic and financial badysis, Gabriela Siller, in a report.
The local currency also appreciated after the previous day he fell amidst a wave of risk aversion and after the comfortable electoral victory of Andrés Manuel López Obrador who would lead his party and his allies to get the majority of seats in Co n.
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"Although the appreciation of the peso is important, the price remains above 19.60 pesos for a dollar, a support that has been respected since last week, "says Siller.
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