At the beginning of operations the price of dollar today Wednesday was up to 20.53 pesos in banks. Meanwhile, the interbank exchange rate rose to 20.09 pesos per dollar, with a loss of 0.04 percent.
Citibanamex sells the dollar at 20.53 pesos, while Banorte does it in 20.55 pesos, BBVA Mexico at 20.31, Azteca Bank at 20.05 and Santander in 20.06 units.
weight it traded unchanged from the previous close as the dollar fell and US bond yields fell.
How is the exchange rate going?
Basic bank explained in a report that the stability of the exchange rate at current levels is due to prudent behavior among market participants due to the following factors:
The first is due to continuing inflationary risks, which could lead to higher interest rates in the coming months. The global economy continues to recover, especially that of United States of America has a positive outlook.
“While this will continue to provoke crises of optimism that will benefit the performance of riskier assets and currencies in emerging economies, it will also increase the likelihood of inflationary pressures being observed, forcing the Federal Reserve to adopt a monetary stance. less accommodating than immediately in 2022, ”he said.
The second factor is that there is little relevant economic information, so volatility could be observed based on the quarterly results of US financial sector issuers.
The financial reports of JPMorgan, Goldman Sachs and Wells Fargo this morning They showed that large US banks reported revenue and profits well above market expectations, as was the case with JP Morgan, which broke the record for gains in a single quarter by $ 14.3 billion.
“Since March 2020, the banking sector’s strategy has been to increase reserves to protect itself from delinquency that could occur in its loans. As the vaccination campaign progresses and the economic outlook improves, banks begin to reduce these reserves, with more capital for loans or investments, ”he says.
Finally, in the particular case of the Mexican peso, there are internal risk factors that could limit its appreciation, highlighting the electoral process, which will likely generate temporary upward pressures for the exchange rate during May, before the June 6 vote. . There is also the factor of initiatives and reforms that may affect investment, with the proposed reform of the Hydrocarbons Act to be discussed in committee today.
In the early hours of the day, The Chamber of Deputies approved the reform limiting outsourcing and sent it to the Senate for consideration. According to the initiative, the subcontracting scheme will be allowed only for specialized services that are not related to the main objective of the company.
Dollar in real time
(…) euro It is sold at the window with a maximum of 24.48 pesos and is bought with 23.97 pesos. In turn, the pound sterling is offered at 28.05 pesos and purchased at 27.62
pesos.
Bank of Mexico (Banxico) registered in the previous session an exchange rate of 20.07 pesos per dollar.
With information from Reuters
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