The Mexican peso rebounded against the U.S. dollar on Friday but finished the week weaker overall, while new Mexican activity data showed August growth ahead of the Federal Reserve’s next scheduled meeting.
On the weekly comparison, Banco de México’s interbank benchmark showed 18.6601 pesos per dollar on Oct. 23, up from 18.5045 on Oct. 16. The 0.84% increase in the peso-per-dollar quote equates to a 0.83% drop in the peso’s dollar value. The rate fell from 18.7134 on Oct. 22 to Oct. 23, a daily move that implies a roughly 0.3% gain for the peso.
Banco de México calculates the benchmark from a 10-minute sample taken from 3:55 to 4:05 p.m. ET (19:55 to 20:05 UTC; 1:55 to 2:05 p.m. Mexico City time). Friday’s rebound followed the peso’s Oct. 21 decline against the dollar, previously reported by EconoTimes.
Mexico’s National Institute of Statistics and Geography (INEGI) said its Global Economic Activity Indicator rose 0.6% from July and 3.5% from a year earlier in August, using seasonally adjusted figures. The preliminary original series showed 3.3% annual growth. INEGI says the measure leaves some economic activity outside its scope, so its results can differ from quarterly gross domestic product.
The University of Michigan’s Institute for Social Research put its final October Consumer Sentiment Index at 48.0, compared with 48.1 in September.
The Federal Open Market Committee is scheduled to meet Tuesday and Wednesday, Oct. 27-28. The Federal Reserve plans to release its statement Wednesday at 2 p.m. ET (18:00 UTC), followed by a news conference at 2:30 p.m. ET (18:30 UTC). The U.S. Bureau of Economic Analysis is scheduled to publish September personal income and outlays data Thursday, Oct. 29, at 8:30 a.m. ET. INEGI’s timely estimate of Mexico’s third-quarter GDP is due Friday, Oct. 30.
