The peso ‘loses its spirit’ after the outbreak of COVID-19 in China

Business

The peso shook against the dollar on Tuesday, amid a slight increase in currency volatility, in an environment where global risk appetite remains in place after the US Federal Reserve (Fed) announced stimulus measures still older and the data in the United States came out better than estimated. According to data from Banco de México (Banxico), the Mexican currency registered a marginal depreciation of 0.32 percent, or 7 cents, bringing the exchange rate to 22.24 units, this in the interbank sphere. Thus, the weight interrupted two days of progress.At the bank window , the dollar is trading at 22.34 pesos, according to Citibanamex. During the sessions, the national currency touched a maximum of 22.3594 pesos per dollar, at 10:00 am. While the minimum was 21.8940 units, at 7:52 a.m.

The day’s biggest volatility came after China said it will close schools again as the COVID-19 outbreak spreads.The Bloomberg index , which measures the strength of the greenback against a basket of ten currencies, appreciated 0.15 percent, at 1,212 points. Investors listened to the appearance of Jerome Powell, Fed chairman, before the Banking Committee of the United States Senate. Powell’s comments kept the path uncertain for the economic recovery, however, he noted that this could be entering a period of significant improvements in employment , but that it will leave the labor market “well below the robust levels observed before the pandemic”.

In economic data, retail sales surprised analysts favorably, showing that sales rose in May in most record and double forecasts, picking up more ground than expected after unprecedented declines in the previous two months as states allowed more merchants to reopen. Sales soared 17.7 percent from the previous month. This occurs after a revised 14.7 percent drop in April, according to data from the US Department of Commerce. The median forecast in a Bloomberg poll estimated an increase of 8.4 percent in May.

Jason Amato

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