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Peso advances, awaiting Banxico rate announcement; BMV . returns

Posted on March 23, 2022 by admin

Reuters. – The peso appreciated Wednesday in a conflict-attentive market in Ukraine, while investors began turning their eyes to this week’s release of domestic inflation figures and interest rate announcements by the Bank of Mexico (Banxico).

The peso was trading at 20.1920 to the dollar, its best level since February 23, up 0.38% against the Reuters reference price on Tuesday.

“It appears that the financial markets are stabilizing, getting used to the theme of war,” CI Banco said in a report to its clients. “However, you have to realize that everything can change the moment something negative and unexpected happens.”

Domestically, analysts expect Banco de México to raise its key interest rate for the seventh time in a row on Thursday after the release of inflation figures for the first half of March on the same day, which will show that the national price index is still much higher. Target.

Follow business information and news in Forbes Mexico

BMV drops from all-time highs

The Mexican Stock Exchange (BMV) fell on Wednesday after five consecutive days of gains that pushed it to reach a new all-time high of 55,902.28 points the previous day.

The benchmark stock index S&P / BMV IPC .MXX fell 0.67% to 55,348.04 units, in a market whose eyes are focused on the conflict in Ukraine and on data to be presented by some members of the US Federal Reserve.

In the previous five sessions, the bag had a cumulative return of 5.52%.

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