The Mexican Peso (MXN) seems to be rinsing and repeating the depreciation of the past few days on Thursday as market bears – now more confident in the persistence of the evolving downtrend – push the Peso lower in all its key pairs.
The Mexican Peso extends its weakness into a fourth day as multiple risks lead traders to press “sell”. Trump Tariff threats, a critical IMF report, political risks and weak data all combine to weigh on the Mexican currency. USD/MXN extends its rally from the base of a major rising channel as technical indicators point north.
Banxico set to cut and cut rates again before year-end Further downwards pressure on the Peso comes from expectations of lower interest rates, which reduce foreign capital inflows. The central bank is expected to cut the prime interest rate by 50 basis points before the end of 2024, bringing it down to 10.00% from 10.50%. This is reflected in Banxico’s survey mean forecasts, which show respondents project a fall in the bank rate to an average of 10.04% by the end of 2024 and 8.
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