The Mexican Peso (MXN) recovers some territory on Wednesday against the US Dollar (USD) ahead of the US Federal Reserve’s (Fed) monetary policy decision at 18:00 GMT.
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On March 21, Banxico is expected to decrease interest rates, even though it could feature a 3-2 vote split. Recent speeches and media appearances show that Banxico’s Governing Council is divided, with Governor Victoria Rodriguez Ceja, Omar Mejia Castelazo and Galia Borja Gomez leaning dovish. On the hawkish front lie Jonathan Heath and Irene Espinosa Cantellano. The slowdown in Mexico’s economy is one of the main reasons that Banxico is eyeing the first cut.
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