The Mexican Peso (MXN) trades flat in its major pairs on Wednesday, ahead of the Bank of Mexico (Banxico) September policy meeting on Thursday, which is the main event for the currency this week.
The Mexican Peso trades flat in its major pairs the day before the Bank of Mexico policy meeting. The consensus expectation is for the bank to cut interest rates by 0.25% to 10.50%. USD/MXN pulls back from resistance as it steadily climbs within its rising channel. The Mexican Peso trades flat in its major pairs on Wednesday, ahead of the Bank of Mexico September policy meeting on Thursday, which is the main event for the currency this week.
At the August meeting, Banxico decided to cut interest rates by 0.25%. The fact that the decision was a close call, with only three members voting for the cut versus two who wanted to keep rates unchanged, further makes it unlikely the central bank will opt for a larger 0.50% reduction. “The larger-than-expected fall in Mexican inflation in the first half of September, to 4.
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