Overview
- The peso strengthened roughly 0.30% on November 3 to about 18.49 per dollar, breaking a short losing streak after an overnight range between 18.48 and 18.59.
- Analysts at Banco Base and Monex linked the move to a broader dollar correction and improved risk tone in emerging and commodity currencies, while cautioning the rebound may be tentative.
- Markets are focused on Banxico’s policy meeting this week, with a Reuters survey showing most expect a 25 basis point cut to 7.25% that traders have largely priced.
- Banxico reported remittances fell for a sixth consecutive month in September, leaving year-to-date inflows down 5.5% to $45.681 billion and trimming a key source of foreign currency.
- Stronger Q3 peso levels filtered into corporate results, with multiple BMV-listed firms reporting FX headwinds; Grupo Carso booked a 790 million peso currency loss versus a gain a year earlier.