The Mexican peso rose today on speculations that the nation’s central bank will not cut interest rates further as the economy is expected to growth with an increasing pace in the future.
The Banco de Mexico left its key interest rate at 3 percent at the meeting on July 11 after cutting it by half of a percentage point in June. The minutes revealed that the decision to keep the rate unchanged was unanimous, suggesting that the cut was a one-off event. While Mexico’s economic growth slowed this year, analysts believe that it will pick up the next year.
USD/MXN fell from 12.9606 to 12.9455 as of 16:47 GMT today.
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