The price of dollar in Mexico trades lower in the early hours of Wednesday, amid global aversion to risk assets, after Moody’s cut the credit rating of several US banks and after weak economic data in China.
The exchange rate is listed at 17,117 pesos per dollar, according to data from the Bloomberg agency.
After stating that the Mexican economy grew 3.6% in the first half of the year, the Bank of America Securities (BofA Securities) pointed out that the country is going through a good moment and that it improved its expectations towards the end of 2023 and 2024.
According to the financial institution, the behavior of the Economy of mexico was driven by the good results of USA throughout these six months, through trade between the two nations and remittances.
“Nearshoring, which is now visible in investment and the labor market, and the president’s large infrastructure projects (Refinery, Tren Maya, Tren Istmo and Tulum Airport), now visible in public spending and under construction,” he claimed.
dollar globally
Most of Latin America’s currencies and stock markets closed lower the day before due to global aversion to risky assets, after Moody’s cut the credit rating of several US banks and after weak economic data in China.
Moody’s on Monday cut the credit rating of several US banks small and medium-sized banks and said it could lower that of some of the largest banks in the country, warning that the sector’s credit strength will likely be tested by financing risks and lower profitability.
Meanwhile, China’s imports and exports fell much faster than expected in July, threatening growth prospects for the world’s second-largest economy and increasing pressure on the government to provide further stimulus to prop up demand.
Source: Gestion
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