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The Mexican peso recorded Thursday its best session in 15 months during a volatile session following comments from a vice governor of Banco de México and a few days before the presidential elections, while the stock market has evolved in line with the behavior of its peers on Wall Street.
Traders said the market anticipates that the local currency could win after Sunday's elections, for which the leftist is a favorite Andrés Manuel López Obrador, while analysts mentioned that the movements that dominated the exchange market were speculative
The peso – the currency that appreciated most among the most liquid – was quoted at 19.725 per dollar at 15:40 local time (20:40 GMT), in up 2.21%, or 44.65 cents, against 20,1715 of the Reuters reference price on Wednesday.
Vice Governor Javier Guzmán, of Banxico, said that further adjustments to the benchmark interest rate should not be excluded, given that Mexico's inflation risk balance tends to increase in the current context.
He perceived among market participants before the elections: "Everyone is talking about how the peso will appreciate when uncertainty will end, whoever wins."
A director of the Bank of Mexico said this week that the markets should not be shaken if López Obrador wins the presidential election, since the participants have already incorporated this scenario.
In early morning international operations, the peso depreciated to 20,205 units per US dollar, and on Wednesday it dropped more than 1.0% in the middle. On the stock market, the S & P / BMV CPI benchmark index, rose 0.33% to 47,031.27 points with a volume 169.9 million shares traded
The shares Banorte financial group led the gains with 0.98% more to 113.34 pesos
In the local bond market, paper performance at 10-year dropped 14 basis points to 7.61 percent, while that the 20-year rate yielded 15 to 7.69 percent.
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