Weight suffers its worst Friday in two years

The Mexican peso depreciated this Friday to levels not seen in more than two years, in the face of a global strengthening of the dollar, after the release of a weak employment report in the United States, in a market awaiting the presidential election in that country. country of November 5th.

During the day he highlighted that the International Monetary Fund (IMF) renewed a flexible credit line for 35 billion dollars to Mexico.

In this context, in wholesale operations the Mexican peso lost 26 cents (1.32 percent) ending at 20.27 units per dollar, according to the closing price of the Bank of Mexico. It is the worst level for the Mexican currency since early August 2022. During the session, the parity reached a maximum of 20.29 per dollar.

During the week, the peso registered a decrease of 30 cents (1.54 percent) and accumulated four weeks of decline, a period in which it lost 1.01 units (5.28 percent) against the dollar, also affected by concerns about a series of constitutional reforms promoted by the government.

We are a few days away from the elections in the United States and most of the favoritism is going towards Trump, it is a victory that is very likely to happen and this is influencing the marketcommented Eduardo Ramos, senior market analyst at the digital broker VT Markets Latam.

For its part, the benchmark index of the Mexican Stock Exchange (BMV) fell a marginal 0.08 percent, closing at 50,622.39 points, a weekly drop of 2.2 percent.

The shares of the telecommunications firm Megacable led the losses of the session, with 4.26 percent less, followed by those of the airport operator OMA, which subtracted 2.68 percent.

The BMV distanced itself from the behavior on Wall Street, where Amazon’s good results counteracted a sharp drop in employment growth in the United States during October.

Crude oil prices on the rise

Oil prices rose after reports that Iran is preparing a retaliatory attack against Israel from Iraq, but record U.S. production cushioned the rise. Brent added 29 cents to $73.10 a barrel, and WTI gained 23 cents to $69.49. During the week, Brent registered a drop of 4 percent and WTI of 3 percent.