Mexican peso March 3, this is how the dollar sells today

Peso starts with worse performance against the dollar

In wholesale operations, the Mexican currency is located at 20.85 units per dollar

This is equivalent to a depreciation of the peso of 1.2% or 25 cents compared to Tuesday

Mexican peso March 3. The Mexican peso started this Wednesday as the currency with the worst performance against the dollar, followed closely by the Brazilian real, due to a greater perception of risk about Mexico and Brazil, as reported The universal.

In wholesale operations, the Mexican currency is located at 20.85 units per dollar this morning and is equivalent to a depreciation of the peso of 1.2% or 25 cents compared to Tuesday.

PHOTO Twitter El Universal

With a higher perception of risk

With this, the peso becomes the currency that loses the most ground against the dollar during the day, while the Brazilian real is in second place, with a depreciation of 1.1%, according to information from the Bloomberg agency.

Both currencies lead the losses due to a greater perception of internal risk in their countries, explained Gabriela Siller, chief economist at Banco Base.

This Tuesday, the Chamber of Senators approved in general and in particular the reform initiative to the Electricity Industry Law proposed by the President of Mexico, Andrés Manuel López Obrador, so it now goes to the Executive for constitutional purposes.

Yesterday Pemex also announced that Fitch Ratings, one of the three main rating agencies in the world, will stop providing services as of tomorrow, which was considered by Siller as «an economic policy error, as it damages the reputation of Pemex and the government ”, after Fitch was one of the rating agencies with the strongest hand when evaluating the oil company.

At bank windows, the dollar opened for sale at 21.27 pesos in CitiBanamex, 24 cents more expensive than yesterday.

At BBVA it is offered at 21.06 and at Inbursa at 21.30 units.

Mexican peso March 3

What is the best option to send money to Mexico from the United States?

This is the comparison of money transfer service providers, so that you can make a better decision when sending dollars to your relatives in Mexico:

Western Union takes the exchange rate at: 20.47 Mexican pesos for every dollar.

MoneyGram takes the exchange rate at: 20.41 Mexican pesos for every dollar.

Transferwise takes the exchange rate at: 20.69 Mexican pesos for every dollar.

Remitly takes the exchange rate at: 21.43 Mexican pesos for every dollar.

Pangea Money Transfer takes the exchange rate in: 20.24 Mexican pesos for every dollar.

Filed Under: Mexican Peso March 3

Estimates of inflation and Gross Domestic Product

At 12:30 pm this Wednesday, the Bank of Mexico (Banxico) will publish its report for the fourth quarter of 2020. Analysts expect it to show a biased tone to lower interest rates.

Attention will focus on updates to inflation estimates and Gross Domestic Product estimates. In Banorte they expect both forecasts to be adjusted upwards by Banxico.

It will also be important to be attentive to comments related to the recent dynamics of financial markets, especially on interest rates and the exchange rate.

In the United States, the Senate is expected to begin the debate this afternoon on the fiscal stimulus package already approved by the House of Representatives.

On the monetary policy front, the Beige Book of the Federal Reserve (Fed) will be published at 1:00 p.m., Mexico City time. The participation of three members of the US central bank is also expected this Wednesday (With information from Agencia El Universal).

Filed Under: Mexican Peso March 3

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