The Mexican Peso (MXN) trades mixed in its key pairs on Thursday – rising versus the US Dollar (USD) but falling against the Pound Sterling (GBP) and the Euro (EUR).
The Mexican Peso trades lower in its key pairs ahead of the release of Banxico’s June meeting Minutes. Uncertainty over the trajectory of future monetary policy in Mexico is making traders hesitant to place bets. The Peso weakens the most against the Pound after the release of better-than-expected UK GDP data. The Mexican Peso trades mixed in its key pairs on Thursday – rising versus the US Dollar but falling against the Pound Sterling and the Euro .
This comes after Heath’s comments comparing his stance to that of the Chairman of the Federal Reserve, Jerome Powell, in terms of its data dependency. The effect of his words was to lower rate-cut bets and further fuel the rally in the Peso. Deputy Governor of the Bank of Mexico Galia Borja urged caution in recent remarks. “It's prudent not to make hasty decisions” regarding monetary policy, Borja said, adding that officials must be patient and current policy was “undoubtedly restrictive.
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