[Economics] Peso depreciates on signs of a slowdown in the US economy

[#Wittels-]

The weight operates in a limited range between a maximum of 18.1234 units and a minimum of 18.0405 units. Photo EE: FileThe number of new weekly claims for unemployment benefits in the United States showed a higher-than-expected increase and the Philadelphia Federal Reserve (Fed) index fell more than expected in March.

The Mexican peso depreciates slightly against the US dollar this Thursday morning. The local currency loses ground after the publication of data that shows a possible weakening of economic activity in the United States.

The spot exchange rate is located at 18.0559 units per dollar, compared to an official record of 18.0444 units per dollar at the close of the Bank of Mexico (Banxico) yesterday. The coin loses 1.15 cents, equivalent to 0.06 percent.

The crossing operates in a limited range between a maximum of 18.1234 units and a minimum of 18.0405 units. The Dollar Index (DXY), which measures the greenback with a basket of six strong reference currencies, falls 0.32% to 101.64 units.

 

The number of new weekly claims for unemployment benefits in the United States showed a higher-than-expected increase and the Philadelphia Federal Reserve (Fed) index fell more than expected in March.

"In general, economic indicators are beginning to show deterioration in the United States. This is consistent with a greater probability of recession," said Gabriela Siller, director of Economic Analysis at the local Banco Base, in a report.

 

The market's attention turns to the participation of US Fed officials in public events, after the head of the New York Fed, John Williams, stated the day before that inflation continues at problematic levels.

"The dollar is stable against most of the currencies of developed countries given the signs that point to an end to the rate hike click, but with data that shows a generalized economic slowdown," Actinver explained.

 

Link: https://www.eleconomista.com.mx/mercados/Dolar-hoy-precio-del-20-de-abril-de-2023-20230420-0025.html