Concerns about the Federal Reserve’s interest rates persist after U.S. retail sales rose 0.7% in March, beating analysts’ expectations of 0.3%.
The Mexican peso fell against the US dollar on the first day of the week. The local currency weakened as the dollar strengthened amid concerns about US Federal Reserve interest rates.
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The exchange rate closed at 16.7246 units to the dollar. This represents a loss of 7.01 cents (0.42%) for the peso, compared with Friday’s closing price of 16.6545 units, according to official data from Banco de Mexico (Banxico).
The dollar price remained in an open range between a high of 16.7455 pesos and a low of 16.5412 pesos. The Intercontinental Exchange Dollar Index (DXY), which measures the dollar’s value against six major currencies, rose 0.14% to 106.19 points.
It was announced today that U.S. retail sales rose 0.7% in March, beating analysts’ expectations of 0.3%, as the world’s largest economy ended its first quarter on a strong note. was further proven.
The peso has continued to weaken since mid-week, when it reached 16.2559 pesos to the dollar, its highest level since August 2015, and the dollar’s strength has been the cause.
The dollar’s strength continues to be tied to expectations that the Federal Reserve will take more time to start cutting interest rates after stronger-than-expected U.S. retail sales in March.