Super Peso trims losses, but on track to close week of declines By Investing.com

© Reuters.

Investing.com – Trading begins Friday, September 8, with some strength against the US dollar, reversing a losing trend that has accompanied it for six consecutive sessions.

At 04:30 AM (Central Mexico time), the Mexican peso was trading at 17.47 units per dollar, representing a rise of 0.55%, according to data available on Investing.com.

Although yesterday’s session started on a positive note for the Mexican currency, it ended the day with a decline of 0.06% to the level of 17.59 pesos per dollar, recording a minimum of 17.4236 and a maximum of 17.7078 pesos per dollar.

The Mexican currency is on track to close the week down 2.41%, although it maintains its 10% strength against the dollar so far this year.

The dollar index, which compares this currency to another basket of currencies, is losing its positions this Friday, even though it is heading towards its eighth week of gains in a row, due to strong economic data in the United States.

“Following the publication of several economic indicators yesterday, investors continued to speculate on the possibility of greater monetary tightening by the Federal Reserve,” commented Jorge Gordillo, director of economic and financial analysis at CIBanco, in a note to clients.

“With the emergence of data on the US economy, markets have become convinced that a soft landing is very likely. However, this also expands the Fed’s margin to continue raising interest rates without causing a recession.”

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