As many investors rethink their expectations about the evolution of interest rates in the United States, given the strength of its labor market and the economy as a whole, the dollar weakened.
The Mexican peso extended its gains against the dollar, closing this Wednesday with an appreciation of 0.11 percent, equivalent to 1.85 cents, to close at 16.5425 units per spot dollar, levels not seen since November 2015 (16.5410 units).
The national currency posted two days of gains against the dollar, accumulating a gain so far this year of 2.5 percent.
According to data from the Bank of Mexico (BdeM), the exchange rate operated between a maximum of 16.5800 units and a minimum of 16.5230 units.
The dollar index, DXY, which measures the behavior of the US currency against a basket of six international currencies, such as the euro, the pound, the yen, depreciated 0.54 percent, to 103.995 units.
Job creation in the United States in March, which was the highest since July 2023, the ADP survey revealed; The Taiwan earthquake and the speech given by Jerome Powell, president of the Federal Reserve (Fed), at the Stanford Business, Government and Society Forum, set the stage for this Wednesday’s session in the financial markets.
Although Powell sees room for the Fed to cut interest rates this year, Wall Street closed mixed, while oil prices maintained their gains.
In the midst of the “bumpy” downward path of inflation, interest rates in the United States will begin to decline this year, according to Powell, which is why the S&P 500 rose 0.11 percent, to 2,211.49 points; while the Dow Jones fell the same variation, to close at 39,127.14 units. The tech-heavy Nasdaq rose 0.23 percent to 16,277.46 units.
Energy was once again one of the leading sectors in the S&P 500 on Wednesday. The sector is now comfortably the best performer this year and some strategists have signaled that the gains may not be over.
The Mexican Stock Exchange (BMV) fell 0.14 percent, to close at 57,503.39 units.
Oil has risen in recent weeks to $89 and will go even higher, according to Bank of America, which has revised upward its price forecasts for oil, both Brent and West Texas, which would complicate the spreadsheets. route of the US Federal Reserve (Fed) and the European Central Bank (ECB).
Low stocks of black gold, production cuts by OPEC+, geopolitical tensions and solid economic growth, which can push the price of a barrel to $95 by summer.
The price of Texas intermediate oil (WTI) rose 0.33 percent, to close at $85.43; while Brent increased 0.48 percent, to $89.35 per barrel, amid geopolitical tensions and OPEC+ confirming its production cuts.
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– 2024-04-05 17:21:32
