MEXICO CITY. The Mexican peso depreciated on Wednesday due to investor caution ahead of the release this week of a US labor market report and lingering concerns about the spread of the Delta variant of Covid-19.
The coin was trading at 19.8231 to the dollar, down 0.10 percent from .’ benchmark price on Tuesday, though it was aiming for its fourth consecutive month of gains.
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“The behavior of the Mexican peso continues to be dominated by an apparent and endless tug of war between optimism about the global economic reopening and fear of new closures to mobility and activity as Covid-19 variants spread around the world” CI Banco analysts said.
At least 181.9 million people have been infected with the coronavirus globally, according to official numbers of confirmed cases, and more than four million have died, according to a . tally.
For the rest of the day, the local currency is expected to fluctuate in a range of 19.70 to 19.99, according to Banco Base.