The Mexican Peso climbed for the second straight day on Wednesday against the US Dollar following hawkish comments of Bank of Mexico (Banxico) Deputy Governor Jonathan Heath, who voted against lowering rates by 25 basis points at the September 26 monetary policy meeting.
Mexican Peso gains traction on Wednesday, sponsored by Banxico Deputy Governor comments. Jonathan Heath wants higher rates for some time, disregarding a recession. President Sheinbaum has pledged to be fiscally responsible. The Mexican Peso climbed for the second straight day on Wednesday against the US Dollar following hawkish comments of Bank of Mexico Deputy Governor Jonathan Heath, who voted against lowering rates by 25 basis points at the September 26 monetary policy meeting.
According to the swaps markets, Banxico is expected to lower borrowing costs by 175 bps by the end of 2025. Market participants have put the odds of a 25 bps cut at 63.8%. According to the CME FedWatch Tool, the chances for a larger 50 bps cut diminished to 36.2%. Technical analysis: Mexican Peso rallies as USD/MXN drops below 19.40 The USD/MXN uptrend remains in place, but the ongoing pullback would likely test the 50-day Simple Moving Average at 19.30.
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