Dollar establishes historical closing against the peso while petropecios fall

MEXICO CITY.- Amid the stock market chaos of this Black Monday, the dollar established a new historical close against the peso and the petro-prices sank to the lowest level since the beginning of 2016, amid growing fear of a global recession.

The currency ended up selling for 22.85 pesos in international negotiations, where most operations are carried out with the Mexican currency, according to information from the Reuters agency.

This means a rebound of 95 cents or 4.3% compared to last Friday, being the biggest increase in a day since November 9, 2016, a day after the elections in the United States that gave Donald Trump the victory.

During the morning, Reuters detected that the dollar exchanged at an intraday record of 23.05 pesos and Bloomberg at 23.08 units, while banks in Mexico remained closed on Monday due to the celebration of the birth of Benito Juárez.

Since the beginning of this month, the price of the dollar has risen 3.24 pesos or 16.5%, according to information from Reuters. Petro-prices continued to fall free in fear of a global recession that would reduce the demand for hydrocarbons.

The barrel of oil extracted from Texas, known as WTI and the main benchmark for the Mexican mix, closed at $ 28.70 and meant its lowest level since February 11, 2016, after a 9.5% or 3.03 unit crash compared to Friday.

This Monday, Pemex did not report the price of Mexican oil for the celebration of the birth of Benito Juárez.

Panic seized again today in the United States stock exchanges, whose main indicators plummeted more than 12%, after suspending negotiations for 15 minutes in the morning.
In its worst one-day decline since Black Monday in October 1987, the Dow Jones Industrial Average closed with a 12.9% slump and the Standard & Poor’s 500 sank 12%.

Meanwhile, the Nasdaq stock market’s main index collapsed 12.3% from last Friday and signified the most severe drop since its creation in 1971.

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