The dollar falls to a minimum of 7 months

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MEXICO CITY.- At the start of the week, the Mexican currency takes advantage of the weakness of the dollar in the international market and the favorable outlook around the NAFTA, to reach its best in almost seven months, although the observed decline in oil prices may limit its progress. He interbank dollar it is traded at 18.02 units at 9:00 a.m. time in Mexico City, at its lowest level since September 26, 2017. On the day, the peso advances 0.09 percent, according to figures reported by Bloomberg. In the bank window, the green ticket is sold in 18.35 units, a figure similar to that reported last Friday as closing by Citibanamex. In the day, the exchange rate of the peso with the dollar reaches a maximum at 18.0934 at 02:00 in the morning, while the minimum is reported at 18.0076 at 08:02, in the wholesale market. The advance of the Mexican currency continues to be influenced by the prospect that an agreement will soon be announced on the North American Free Trade Agreement (NAFTA) , to which is added a weakness of the dollar in the international context. The index that measures the performance of the dollar against a basket of ten currencies loses 0.25 percent. Market participants decrease their positions in dollars, in response to a decrease in geopolitical tensions, related to Syria. The low pressure on the greenback intensified after Donald Trump declared in a tweet that ” Russia and China they are playing the game of currency devaluation, as the United States continues to raise interest rates. Unacceptable! ” Mixed figures, published today, on the behavior of the US economy reinforce the expectation that the Federal Reserve of the United States will maintain its reference rate unchanged, in its announcement on May 2. In the United States it was reported that retail sales grew 0.6 percent in March, better than expected on average by analysts surveyed by Bloomberg. While the indicator measuring manufacturing activity in New York was reported at 15.8 points this April, below the estimate of 18.4 points. On another front, the advance of the Mexican currency is hampered by a weak performance in the oil market , by decreasing the tension related to Syria. The price of West Texas crude oil loses 0.80 percent to 66.85 dollars per barrel, while the Brent rate drops 0.63 to 72.12 dollars. Internally, it was reported that in the auction to renew the expiration of exchange hedges , with a term of 30 days and with expiration on May 16, the demand was 380 million dollars, which exceeded in 1.90 times the 200 million finally placed. The exchange rate of the peso against the dollar is supported by 18.0 units. While the near resistance is at 18.50 pesos, in the wholesale market.

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