The Mexican Peso advanced for the third straight day following a surprising monetary policy decision by the Bank of Mexico (Banxico).
Mexican Peso’s demand increases despite Banxico ’s surprising decision. Banxico lowers rates by 25 bps in a 3-2 split decision. Central bank signals further easing ahead despite inflation risks and growth concerns. Core inflation continues to decline, projected to dip below 4% by Q4 2024. The Mexican Peso advanced for the third straight day following a surprising monetary policy decision by the Bank of Mexico .
The CME FedWatch Tool shows the odds of a 50-basis-point interest rate cut by the Fed at the September meeting at 52.5%, down from 57.5% a day ago. Technical analysis: Mexican Peso appreciates further as USD/MXN drops further below 19.00 The USD/MXN extended its losses to a six-day low of 18.76, yet the pair remains upwardly biased. Although momentum supports the Peso’s recovery, surpassing the next support at 18.59, the June 28 peak would be difficult as it lies above the psychological 18.
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