off-the-wire

UPDATE 1-Mexican peso trades at strongest level vs dlr since 2017

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds information on the peso, analysts comments) MEXICO CITY, May 5 (Reuters) - Mexico's peso early on Friday hit 17.7967 against the dollar, its strongest level since 2017, after rising 0.50% against the dollar in the day. The strengthening of the peso was driven by the latest publication of positive economic indicators in the United States, which have reduced speculations for a recession, Banco Base analyst Gabriela Siller said in a note.


The exchange rate is expected to trade during the day between 17.78 and 17.95 pesos per dollar, Siller added.


The Mexican peso has also been pushed by the US' favorable April employment report, which creates expectations for the Mexican economy to continue benefiting from stable US consumer demand and remittances, according to a note by brokerage Monex.


The Mexican peso gained 7.52% in the first quarter of the year.
(Reporting by Aida Pelaez-Fernandez, Writing by Valentine Hilaire, Editing by Isabel Woodford)

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