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Peso strengthens after US stocks rise: Mexico FX

(Bloomberg) – The Mexican peso advanced for a second session in three days as US stocks rose to record highs, boosting global risk appetite. The peso strengthened 0.24% to 19.8050 per dollar on Thursday. One-month implied volatility of the peso extended its fall for the third day to 14.93%, the lowest since December 25. Today, all Latin American currencies strengthened as US stocks rose after a report suggested that President-elect Joe Biden plans to introduce a covid aid package of about $ 2 trillion. The Bloomberg Dollar Spot Index It rose around 0.1% while Treasury yields rose 2 basis points. The 19.60-70 level per dollar remains a key resistance in the short term. In December, the 19.70 level prevented the strengthening of the Mexican currency. On January 6 and 7, the peso approached the level of 19.60 per dollar before retreating again. Most investors are still predisposed to buy pesos, both against the dollar and the euro, according to two New York-based traders. . The peso’s exchange rate against the euro is close to the 24 level, compared to a November low of 23.7267 pesos per euro. TIIE swap rates had little variation on Thursday and the market is now discounting about 37 basis points of cuts in rates for mid-August. Mexico vaccinated about 100,000 thousand doctors on Wednesday and will inoculate all front-line workers in public and private hospitals, said Thursday the undersecretary of Health, Hugo López-Gatell. (Part of the information comes from FX traders familiar with the transactions who requested not to be identified because they are not authorized to speak publicly) Original Note: MXN Resumes Gains as Rising Stocks Aid Sentiment: Inside Mexico NOTE: George Lei is a currency strategist writing for Bloomberg. The observations he makes are his own and are not intended to be investment advice. For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source. © 2021 Bloomberg LP

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