Mexican peso marginally depreciates after seven sessions of gains

The Mexican peso depreciates marginally against the dollar after seven sessions of gains, as investors become more cautious amid the escalating conflict between the U.S. and Iran. Iran's Revolutionary Guard warned it will not allow any type of export or import if the United States continues its "illegal" action of blocking its ports in the Strait of Hormuz. Additionally, President Donald Trump renewed his threats to the independence of the Federal Reserve by demanding the resignation of Jerome Powell, whose term as chairman ends in May. How much does the peso depreciate against the dollar? The peso depreciates by 0.10% against the dollar, with the exchange rate standing at 17.27 units, one cent higher than the close on Tuesday, April 14. "The Mexican peso is losing ground and ranks 13th among emerging currencies with the biggest losses against the dollar. The exchange rate shows a strong correlation with its main regional pairs, driven by the bullish momentum of the dollar and a moderation in global risk appetite," said Janneth Quiroz, director of economic and exchange rate analysis at Monex. Banamex bank reported that the dollar is selling at 17.76 pesos, while the buying price is 16.75 units per greenback. In the money market, the yield on the 10-year U.S. bond is 4.27%, while the 10-year bond in Mexico remains at a level of 9.01%. Among the currencies that are depreciating the most against the dollar this Wednesday, April 15, are the South Korean won (0.21%), the Hungarian forint (0.18%), the Chilean peso (0.17%), the South African rand (0.15%), and the Malaysian ringgit (0.14%).