The peso depreciated at the opening in Asia and exceeded 18 units per dollar on Sunday afternoon, due to an environment of global risk aversion that drove investors towards safe haven assets such as the US note.
In electronic operations, the peso depreciated 1.19% and was sold at 18.0148 units per dollar or 21.14 cents, compared to the close of the year. Bank of Mexico (Banxico) which was 17.8034 pesos.
On Friday, the local currency registered a slight depreciation of 0.08% or 1.34 cents.
In its weekly comparison, the currency depreciated 3.32%, which represented its worst result since the week ending August 2, 2024, when it fell 3.90 percent.
So far this year, the currency has appreciated 1.14 percent.
he Dollar Index (DXY), The Intercontinental Exchange, which compares the US currency with six reference currencies, gained 1.41% to 98.99 units in its weekly comparison.
The most depreciated currencies during the past week were the Hungarian forint with 6.07%, the Chilean peso with 4.42%, the South African rand with 3.86%, the Peruvian sol with 3.79%, the Mexican peso with 3.32% and the South Korean won with 3.03 percent.
The most appreciated currencies were the Israeli shekel with 1.46%, the Canadian dollar with 0.52%, the Hong Kong dollar with 0.01%, the Turkish lira with 0.29%, the Colombian peso with 0.54% and the pound sterling with 0.59 percent.
bad outlook
Felipe Mendoza, market analyst at EBC Financial Group, wrote that panic over the escalation of war between Iran and Israel and the stance of “unconditional surrender” that Donald Trump has called for have boosted the dollar as an absolute refuge asset.
“For the next few days there will be continuity of the volatile rhythm in the Mexican peso that will face significant resistance in the area of 17.84 to 18.00 pesos. The determining catalyst will be inflation in the United States this week, a high figure, added to the weakness of employment, would put the Fed in an impossible position, further strengthening the dollar against emerging currencies,” the specialist explained.
In addition, he highlighted that, internally, the market will closely monitor the tone of the first tables of the T-MEC, since any additional tariff friction with the United States would add a risk premium that would take the peso to levels above 18 units per dollar.
Specialists from Monex Casa de Bolsa explained that the peso was affected by volatility in the markets, given that the conflict in the Middle East boosted the demand for safe haven assets and an outflow of capital from assets with greater exposure to risk.
They estimated that the peso oscillated in a range between 17.67 and 17.95 pesos per dollar, “considering the nervous environment, waiting for possible geopolitical developments and the local inflation report on Monday.”
Investors in Chicago continue to distrust the Mexican peso and for the sixth consecutive week speculative positions in favor of the Mexican currency fell.
In the Chicago Futures Market, speculative positions waiting for an appreciation of the peso decreased in the week from Wednesday, February 28 to March 6.
Net speculative positions waiting for an appreciation of the peso fell by 7.11% or 5,900 contracts, to stand at 77,000 contracts, each of 500 thousand pesos, their lowest level since December 2 of last year, when they stood at 73,300 contracts.