The Mexican Peso continues to record gains versus the US Dollar, refreshing its four-week high as the rally continued.
Mexican Peso climbs sharply as USD/MXN surpasses 2023 low of 16.62. Banxico 's Deputy Governor Irene Espinosa's comments on rate cuts support Peso's rally. US inflation data sparks speculation of Fed rate cuts,with futures market indicating 41 bps reduction by year-end. In an interview, Bank of Mexico Deputy Governor Irene Espinosa was hawkish, boosting the Mexican currency.
Investors have become optimistic that the Fed may cut rates this year after US inflation data showed the downtrend is resuming, while Retail Sales remained unchanged. Richmond Fed President Thomas Barkin stated that inflation is coming down, but that it will “take more time” to hit the Fed’s target.
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