Background on Marcelo Ebrard and His Relevance
Marcelo Ebrard, Mexico’s Secretary of Economy, plays a crucial role in the ongoing trade negotiations between Mexico and the United States. His efforts are vital as both countries aim to reach an agreement on steel and aluminum tariffs imposed by Washington.
Mexican Peso’s Performance This Week
Gains Against the Dollar:
- The Mexican peso appreciated against the US dollar in this week’s closing operations.
- It reached a minimum not seen since September of the previous year, driven by a better-than-expected US labor market report.
- The Mexican currency gained 4.39 centavos, or 0.23%, compared to the previous day’s rate of 19.1493 pesos per dollar, according to official data from Banco de México (Banxico).
US Employment Data:
- The US nonfarm payrolls increased by 139,000 jobs in May, surpassing analyst expectations but falling short of April’s 147,000.
- The US unemployment rate remained stable at 4.2%.
Market Impact and Future Outlook
In a week filled with significant trade news, the Mexican peso maintained a positive performance, supported by the weakening US dollar. Compared to last Friday’s official closing rate of 19.3957, the peso advanced by 29.03 centavos, equivalent to 1.50%, according to Banxico.
Investors’ attention is now focused on updates regarding a meeting between Marcelo Ebrard and US officials, as they strive to secure an agreement on the aforementioned tariffs.
Key Questions and Answers
- Who is Marcelo Ebrard? Marcelo Ebrard is Mexico’s Secretary of Economy, who is actively engaged in trade negotiations with the United States.
- Why is Ebrard’s meeting relevant? The meeting aims to discuss and potentially reach an agreement on steel and aluminum tariffs imposed by the US government.
- What drove the Mexican peso’s gains this week? The appreciation of the Mexican peso against the US dollar was supported by a better-than-expected US labor market report and a weakening US dollar.
