USD/MXN: MXN surrenders to USD amidst crucial week for Banxico decision, Fed’s Powell speech eyed – by christianborjon USDMXN Currencies EmergingMarkets
Despite hawkish Banxico tones, no rate hikes are projected; Fed maintains rate-hike caution.
USD/MXN surges as investors await clarity from Banxico and Federal Reserve; US Housing Starts hit a 13-month hightrading with losses. In the June monetary policy decision, Banxico is expected to keep rates unchanged, as demonstrated by a Reuters poll on Tuesday. Twenty analysts surveyed see the central bank holding rates unchanged at 11.25% for back-to-back meetings. It should be said that the latest Mexico inflation report showed annual CPI coming below the 5.90% foreseen by analysts at 5.
Nevertheless, Fed Chair Powell’s press conference downplayed the dot plots, hurting the prospects of the greenback, which gave back most of its earned gains.
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