The Mexican Peso (MXN) is trading down about a quarter of a percent against US Dollar (USD) on Thursday ahead of key inflation data and the Bank of Mexico (Banxico) policy meeting, scheduled for later in the day.
The Mexican Peso edges lower prior to key inflation data and the Banxico May policy meeting. The Bank of Mexico is expected to keep rates unchanged but there is a risk of a revision to its forecasts. USD/MXN continues bumping along the bottom of a short-term range. The Mexican Peso is trading down about a quarter of a percent against US Dollar on Thursday ahead of key inflation data and the Bank of Mexico policy meeting, scheduled for later in the day.
” “Considering still-elevated domestic inflation, an initial Fed rate cut that is likely still several months away, and some sensitivity to the possibility of a weaker Mexican currency, we believe Banxico policymakers will opt to hold their policy rate steady at 11.00% next week,” Wells Fargo concludes. Technical Analysis: USD/MXN on the floor of short-term range USD/MXN – the cost of one US Dollar in Mexican Pesos – continues to bump along the bottom of a short-term range, with a floor at 16.
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