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Peso, stock markets and oil fall at the end of the week

Peso, stock markets and oil fall at the end of the week

Principal stock markets of the world and the Petroleum ended the week lower, and the dollar strengthened to the detriment of currencies such as the Mexican pesoin view of a regressive situation as a result of the rise in interest rates at a global level.

The retail dollar is sold this Friday at 20.67 Pes at the windows of CitiBanamex and is the most expensive price since the first of last September, when it was quoted at 20.70 units.

Mexican currency in international markets is located in the 20.21 Pes per wholesale dollar, which means a depreciation or appreciation of 1.44% or 29 cents compared to the previous close, according to information from Bloomberg.

Also read: Dollar rebounds to 20.73 pesos in windows, the most expensive price in 6 weeks

“The depreciation of the peso at the end of the week is due to the fact that the dollar has resumed its upward trend, driven by the prospect of a more restrictive monetary position,” said Gabriela Siller, director of analysis at Banco Base.

The Dow Jones Industrial Average fell 1.61% to its lowest level so far this year. The benchmark S&P 500 index fell 1.72% to post its second-lowest level of 2022, slipping briefly into bear market territory, while the tech-heavy Nasdaq Composite lost 1.8%.

In Mexico, the biggest indicator of Mexican Stock Exchange a decrease of 2.01% was recorded on Friday, to settle at the lowest level since 1 September last.

Also read: The Treasury asks Congress not to move the price of oil in the 2023 economic package

“We think that a wave of risk aversion will spread as far as they assimilate: the latest FED announcement, a negative reading of the economic activity figures in the eurozone and a package of regulatory changes and tax cuts in the United Kingdom,” said analysts at Grupo Financiero Ve por If.

“The expected path of interest rates is now higher than we previously assumed, narrowing the distribution of equity market returns below our previous forecast,” Goldman’s David Kostin said in a note.

In commodity markets, crude fell sharply, with US WTI falling nearly 6% to settle at $79.36 a barrel, the lowest level since January 10.

Also read: Without transfers, Banco del Bienestar launches its mobile application

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