Mexico City.- The Mexican peso has appreciated around 0.90 percent so far this day and broke the barrier of 17.80 units for the first time in more than 5 years.
In the international currency market -or Foreign Currencies Exchange (Forex)- the peso reached a price of 17.7458 units per dollar, a new minimum in the year, with which it accumulates an appreciation of more than 8.8 percent compared to the end of 2022 , after the figures of the labor market in the US were released.
Said price level is the best for the Mexican peso in 5 years and seven months. The last time it traded below 17.80 units per dollar was on September 25, 2017.
“The Mexican peso extends the advance shown during the early morning and is positioned in fourth place among the currencies of emerging countries that present the highest gains against the dollar.
“The Mexican currency was favored by the good employment report in the US in April, which supports the expectation that the Mexican economy will continue to benefit from stable demand from US consumers and by sending remittances,” explained Janneth Quiroz Zamora , deputy director of analysis at Monex Casa de Bolsa.
Meanwhile, in the retail exchange market, the dollar is traded with a reduction of 12 cents, to 18.25 pesos at Citibanamex windows.
The US Department of Labor reported that private payrolls grew by 253,000 jobs in April, beating market expectations, pointing to continued strength in the labor market that could see the Federal Reserve keep interest rates higher for some time. time.
In addition, the unemployment rate fell to 3.4 percent from 3.5 percent in March.
The Fed raised its benchmark overnight interest rate by another 25 basis points to the 5-5.25 percent range on Wednesday, signaling it may pause the US central bank’s fastest tightening campaign since the 1980s, although it maintained an aggressive bias.
The Fed has raised its policy rate by 500 basis points since March 2022.
