I just checked the peso numbers and things look interesting. It’s been two days in a row gaining ground against the dollar, and today it closed at 17.15 pesos per dollar according to Banxico. The appreciation was modest but consistent, just 0.10 percent, but what catches my attention is that analysts say there’s still room for it to keep rising.

At bank counters, it’s already being sold for more, around 17.58 pesos. The curious thing is that the global dollar index fell 0.15 percent, and that’s reflected in several emerging currencies that also gained. The Hungarian forint, the South Korean won, the Brazilian real—all went up. It’s as if each currency measures how much it moves proportionally, just like how many feet are in other measurements: each currency has its own rhythm.

Gabriela Siller from Banco Base comments that although technical indicators suggest more appreciation is possible, there are also signs that downward pressures are weakening. This could mean we’re entering a correction phase, so the exchange rate might stabilize soon. U.S. bonds are at 4.04 percent for 10 years, while Mexican bonds are higher at 8.75 percent, which keeps some pressure on the market.