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There is confidence in the Mexican elections, says JP Morgan's report
SinEmbargo.mx
Mexico. – Before the July 1 election, the peso returns to recover against the dollar and finishes the day according to Bloomberg, the best-performing currency of the 24 emerging markets.
The peso gained 2.24% yesterday. The second and third places went to the Turkish lira and the Russian ruble with gains of 0.49 and 0.45% respectively.
The series of eight consecutive sessions of gains for the peso was dampened yesterday by the international strength of the dollar, however, this Thursday it has recovered again.
The oil market also contributed with the Mexican currency by announcing yesterday that the barrel reaches maximum levels in three years. Texas crude advanced 0.94% and closed at 73.45 dollars a barrel, while Brent finished at 77.85 dollars, or 0.33% more than at the end of the previous session.
The interbank dollar closed Thursday at 19,722 units, its lowest level since May 28, according to data from the Bank of Mexico (Banxico).
In the windows, the greenback is sold up to 20.20 pesos, its lowest level since last May 30 when it was offered at 8:14 pm
QUIET MARKET BEFORE ELECTION [19659004] JP Morgan, one of the oldest financial services companies in the world, said yesterday that international investors are calm and confident about elections next Sunday 1 July in Mexico
"Mexico is a country emerging with investment grade, so people are confident that their investments are safe here.The markets behave normally, "said Eduardo Cepeda, CEO of JP Morgan Mexico, during the presentation of his first investment in Exchange Traded Funds (ETF) of Renta Variable.
Cepeda pointed out that the tranquility of the electoral process in Mexico has given rise to the stability of the exchange rate and to the Mexican Stock Exchange (BMV).
"This may change, I do not know what will be the reaction in the aftermath of the elections, but to the extent that I observe in international markets that there is confidence and tranquility" , told the media executive at the BMV
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