The Mexican peso is on fire! Today, March 8, the exchange rate fell to 16.80 per dollar, by Investing.com

Investing.com – Its gains against the US dollar accelerated this Friday, March 8 morning, after it was announced that the labor market in the United States created more jobs than expected in February, although the figures for December and January Were like this. Revised downwards; Apart from this, an increase in the unemployment rate was also seen. Thus, the fall in the price of the dollar intensified today and it reached a low of 16.80 units.

“The Mexican currency was supported by the United States’ mixed February employment report. On the one hand, job creation exceeded expectations; On the other hand, the United States’ mixed February employment report supported the Mexican supported the currency. But, on the other hand, the data for the last 2 months were revised downwards; in addition to the fact that the unemployment rate increased,” director of economic, exchange and stock market analysis at Grupo Financiero Monex. Janeth Quiroz Zamora explained.

At around 08:50, Mexico City time, the exchange rate from the dollar to the Mexican peso, reached a minimum of 16.76 units, with the local currency gaining 0.62%, and was at its lowest level in 2024, according to Investing. Real time data from .com. With this, the exchange rate has returned to levels not seen since August of last year.

The Mexican peso appreciated when it was announced that, last month, 275,000 non-farm payrolls were made, higher than the previous month and above estimates. However, the unemployment rate rose by two doubles to 3.9%, while it was expected to remain at 3.7%.

“Employment data show the labor market remains resilient, but a rise in the unemployment rate could support the idea that employment may be beginning to ease, given that it was at its highest level in two years during the past two years.” There was a sharp decline in jobs generated for months,” said Jorge Gordillo Arias, director of economic and stock market analysis at CIBanco.

“This data supports the fact that the Fed should wait even longer to make its first rate cut and the idea that it will make cuts two and three throughout 2024. Currently, the market is bullish on lower rates Bets rates are at 56% for the June meeting,” he said.

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The index that measures the currency’s growth against six other major currencies saw a decline of 0.23%, reaching 102.8 units.

If this level is maintained at the end of the session this Friday, the Mexican peso will record a weekly gain of 1.32%, which would be its most significant weekly gain seen in the week of November 12, 2023.

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