At the beginning of operations the price of dollar Today Tuesday is up to 21.69 pesos in banks. Meanwhile, the interbank exchange rate is at 21.24 pesos per dollar, with a gain of 1.22 percent.
Citibanamex sells the dollar at 21.69 pesos per dollar, while Banorte does it in 21.75 pesos, BBVA Mexico at 9:52 p.m., Santander at 21.23 and Azteca Bank in 21.10 units.
The peso appreciated after four consecutive falls, while the dollar moved away from its three-and-a-half-month highs due to the stabilization of US Treasury bond yields, which allowed increases in risk currencies.
How is the exchange rate going?
Basic bank explained in a report that the appreciation of the peso is due to a corrective move after recording depreciations of almost 1 percent during four consecutive sessions. The same is true for the US dollar, whose weighted index shows a decline of 0.43 percent, the first in a week and the highest since February 9.
Technically, the dollar-weighted index is close to the resistance marked by its 200-day moving average, which increases the likelihood of short-term downward corrections. However, for now, the upward trend in the US dollar since February 26 remains, so the risk of future exchange rate increases in subsequent sessions remains.
On the foreign exchange market, most currencies are gaining ground against the dollar, the Turkish lira being the most appreciated by 1.38 percent, followed by the South African line by 0.95 percent and the Mexican peso by 0.86 percent. During the session, along with the weakening of the dollar, there is a higher demand for treasury bonds, whose 10-year rate shows a significant decrease of 5.7 basis points, standing at 1.53 percent.
It should be recalled that in previous sessions, speculation that the Fed could abandon its flexible position early has led to interest rate hikes, which in turn have strengthened the US dollar. It is important to note that the downward movement in interest rates on the bond market is also the result of a correction, as no indicators or events have been released that cause this move.
The United States Treasury will bid $ 58 billion in three-year notes today. On Wednesday, it will bid $ 38 billion in 10-year bonds and on Thursday $ 24 billion in 30-year bonds. Demand for these auctions will be the key to the market.
On the other hand, oil starts the session with gains, WTI trading at $ 65.28 per barrel, showing an increase of 0.37 percent, given the general weakening of the US dollar.
In terms of relevant information, the Organization for Economic Co-operation and Development (OECD) has updated its growth forecasts for 2021 and 2022. In Mexico, an increase of 4.5% is expected this year, higher than the previous estimate of 3%. , 6%, while for 2022 an increase of Expects 3%.
In terms of economic indicators in Mexico, consumer and producer inflation data for February were released today.
Real time dollar
(…) euro It is sold at the window with a maximum of 25.85 pesos and is bought with 25.27 pesos. In turn, pound It is offered at 30.00 pesos and is purchased at 29.54 pesos.
Bank of Mexico (Banxico) recorded in the previous session an exchange rate of 21.41 pesos per dollar.
With information from Reuters
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