Oil prices rebounded to their highest level in five months – Brent closed above $90 a barrel – driven by fears of an attack by Iran following a military operation attributed to Israel against it and the possibility of a disruption. in the supply of crude oil. At the same time, gold – considered a safe haven asset – reached an all-time high of $2,395.66 per ounce, its fourth consecutive weekly rise.
For its part, the peso closed the week with a decrease of 1.18 percent, its worst performance since mid-January. After starting the week at a level of 16.33 dollars – the highest value since November 2015 – the Mexican currency ended at 16.65 units per dollar.
Concern about the possibility of Iran retaliating for Monday’s attack by suspected Israeli warplanes on the Iranian embassy in Damascus has kept oil prices near six-month highs this week.
In London, the price of Brent rose 71 cents to $90.45, during the session it was trading at $92.18, for the first time since the end of October.
The US benchmark West Texas Intermediate (WTI) added 64 cents to $85.66. For its part, the Mexican export mix rose 60 cents and closed at $79.22 a barrel, below the $80 the previous Friday.
The market is concerned that a retaliatory attack by Iran (against Israel) will lead to escalating conflict in the region and affect oil supplies
according to the consulting firm Lipow Oil Associates.
Peso plummets from 9-year highs
In wholesale operations, the peso closed at 16.65 units per dollar, registering a drop of 22 cents compared to the previous session and marking its fourth straight day of losses, after having reached an exchange rate of 16.33 units on Monday. per dollar, its best price in almost nine years.
The decline of the Mexican currency occurred amid a strengthening of the US currency, due to growing expectations that the United States Federal Reserve (Fed) will extend its restrictive monetary policy longer than expected.
The session was marked by comments from several members of the US central bank, including Chicago Fed chief Austan Goolsbee, who said the continued high readings of the consumer price index are worrying.
For its part, the benchmark index of the Mexican Stock Exchange fell 0.47 percent to 56,565.92 points, thereby accumulating a weekly decline of 2.54 percent, the worst weekly performance since June 2023, in a market that was also attentive to the first quarter corporate earnings season.
The BMV followed the trend of Wall Street, where the main indices fell more than one percent, since the results of the country’s main banks did not impress, culminating a week marked by the inflation data and the evolution of expectations about the Fed policy.
The University of Michigan survey showed U.S. consumer confidence declined in April, while inflation expectations for the next 12 months and beyond rose, a survey showed Friday.
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– 2024-04-17 17:43:00
