The Mexican Peso is taking a breather after a two-day decline. Thursday will see the Banxico policy meeting and Mexican labor and trade data. USD/MXN completes an ABC correction higher and reaches a critical turning point. The Mexican Peso trades little-changed on Thursday as traders catch their breath after two straight days of depreciation.
” The same goes for economists at Standard Chartered: “We now expect Banco de México to stay on hold instead of cutting by 25bps at its 27 June meeting, amid sharp currency depreciation driven by elevated political noise and fiscal uncertainty,” said the bank in a recent note. Prior to the Banxico decision, at 12:00 GMT, the Mexican Unemployment Rate and Balance of Trade for May will also be released. Unemployment is expected to rise to 2.7% from 2.
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