Reuters.- The Mexican peso depreciated on Thursday in the face of an advance in the dollar and after learning that China’s economic growth was lower than expected, while the stock market won encouraged by the shares of the mining giant Grupo México and after falling this week to its lowest level since late May.
The local currency was trading at 19.9428 per dollar near the end of the session, losing 0.38% compared to 19.8669 in the Reuters reference price on Wednesday. In operations at noon, the peso fell to 19.99 units.
The dollar gained after falling in the previous session due to the moderate tone used by the president of the United States Federal Reserve, Jerome Powell, during testimony before Congress. Powell said the US economy is still “very far” from where the entity wants to see it before reducing its monetary support.
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China’s economic growth slowed slightly more than expected in the second quarter due to higher commodity prices and new COVID-19 outbreaks.
Meanwhile, the benchmark S & P / BMV IPC equity index rose 1.7% to 50,274.85 points, with a volume of 131.9 million securities traded.
Grupo México shares added 7.14% to 94.81 pesos, after the price of copper, its main production, increased.
Analysts from financial group Ve por Más expect Grupo México to present a positive report for the second quarter this month due to the increased demand for copper after the reopening of the economies.
In the debt market, the 10-year bond yield rose one basis point to 6.90%, while the 20-year rate was unchanged at 7.41%.
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