How Much Is The Peso Right Now – To Wall Street’s surprise, the Mexican peso outperformed emerging market currencies. Mexico has had a disappointing 2019, not recovering the economic activity it lost during the pandemic, and its future prospects are not good. However, the strength of the Mexican currency is mirrored among emerging market currencies. In this article, experts and market traders discuss the future of money.
Bank of America (BofA) investment bank economists issued a report this week saying the “super peso” – estimated to have appreciated 17.5% against the dollar since April 2020 – remains strong. Written by Carlos Capistran, Cristian Gonzalez and Claudio Irigoyen, economists Carlos Capistran, Cristian Gonzalez and Claudio Irigoyen. The report emphasized that in the second half of 2021, Mexico has partially recovered from recession and the economy is not improving. In addition, President López Obrador’s proposal to Congress to cut corporate spending has created uncertainty, economists added.
How Much Is The Peso Right Now
However, experts agree that the López Obrador government’s decision will help strengthen the Mexican peso today. Unlike other countries that have implemented health programs, Mexico’s president resisted pressure and refused to increase spending to cover the debt burden. “The outstanding performance has helped Mexico keep its public debt below 50 percent of GDP,” BofA wrote. “Investors in the fixed income market as the main form of financing. It also hinders accounting firms,” the analysts added.
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Rodolfo Navarrete, director of financial management and strategy at Vector Casa de Bolsa, agrees with this analysis: “Many economists want the government to increase Covid spending, which the government has not done; the move seems to be going well. It is also possible. Since the Mexican government did not agree to such a policy during the pandemic, the economy correspondingly much lower, but unclear.
Fiscal policy also raised money. Since the middle of last year, Mexico’s central bank has been raising interest rates to combat inflation caused by the pandemic and economic stimulus measures in developed countries. Mexico’s interest rate fell to 7% from 4% last March.
Wall Street is very divided when it comes to investing in the future of the peso. Navarrete believes the peso will remain close to its current level of 20 pesos to the dollar for the rest of the year. BofA expects it to fall to 21 pesos to the dollar by the end of this year and to 22 pesos to the dollar in 2023. Luciano Rostagno, a market analyst at Brazil’s Mizuho Bank, also believes that the peso will rise to 21 pesos. dollar ] This year. The current price does not reflect the country’s weak economic outlook, he says.
“My model shows that the Mexican peso is 13% overvalued against emerging market currencies,” Rostagno said by phone from Sao Paulo. “I don’t expect the peso to appreciate much more than it is now for two reasons. First, the US Federal Reserve’s new interest rate announcement will lighten the peso a bit. Second, Mexico’s economy will not grow this year because the government will continue to implement inflation and cheap policies.
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Rostagno explained that the same monetary policy that controls the currency today could devalue the peso because the economy doesn’t seem to be growing and the Mexican government isn’t holding money.
The Mexican peso is a currency like any other. Its exposure to global financial markets — and its 24-hour, five-day-a-week trading — make it a favorite among traders looking to invest in emerging markets. This means that when the market is tight, the peso tends to fall more than others, and conversely, when the market is good, the Mexican peso does well.
Therefore, experts use the term “super peso” when the Mexican peso resists great pressure and remains stable. “Basically, they use it to understand that the peso can withstand anything,” says Navarrete. “There’s a lot going on in the world: the war in Ukraine, the inflation problem, the [Covid-19] crisis in China, etc. and the peso is stabilizing. It’s not doing like any other currency,” he said. adds Mexico and the US dollar in Mexico City on March 10, 2015. / Edgard Garrido / File photo
MEXICO CITY, July 3 () — Mexico exported $5.7 billion in May, central bank data showed on Monday, beating a monthly record that analysts had warned was due to the peso’s strengthening against the dollar.
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Although Mexico records remittances in dollars and most of the money comes from the United States, “a strong peso hurts remittances,” said Alberto Ramos, an analyst at Goldman Sachs.
Mexico’s “super peso” has been among the best-performing currencies this year, gaining more than 13% against the US dollar from May 2022 to last May.
Because of the country’s strong currency, foreign recipients can get a lower price when selling remitted dollars.
Remittances fell 2.2 percent year-on-year, taking into account the strengthening of the peso against the dollar in terms of domestic currency, Ramos said.
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Mexican President Andrés Manuel López Obrador said economic stimulus money from the United States had brought the country into the country.
Remittances to Mexico totaled $58.5 billion last year, making it the second largest recipient after India.
Despite the “super peso” hit, dollar remittances rose 11% year-on-year in May.
The May data represents a nearly 14 percent jump from the previous month, bringing total revenue this year to $24.67 billion.
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That’s more oil and agricultural products than were imported during the same period, Mexican industry analysts said.
Analysts at Monex and BBVA said the rise in oil was partly due to Mother’s Day.
“We think that about 10% of the activity can be explained by the recall,” BBVA experts said in a note.
In May, the number of transactions increased 7% year-over-year to 14.56 million, and the average amount increased 3% to $391.
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“The strength of remittances reflects a stable U.S. labor market and the disproportionately open wage and skill advantage Mexican citizens enjoy,” Ramos said at Goldman Sachs.
Kylie Madry is a reporter covering business, politics and propaganda throughout Latin America. From the Mexico City bureau, she previously worked as a freelance editor and translator on successful podcasts, books on Mexican drug addiction, and stories ranging from the fight for clean water to the millions owed to city government. Kylie is from Dallas, Texas. Many people take a quick drive through Peru to get to Machu Picchu and take pictures of themselves. If they saw the Sacred Valley of the Incas at all, it was usually from the window of a train or bus, or on a windy trip from Cuzco, blown in six directions…
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