USD/MXN strengthens on risk-off sentiment after upbeat US inflation data. The US Dollar remains firmer despite the correction in the US Treasury yields. Banxico Deputy Governor Omar Mejia suggested the potential for an interest rate cut. At the time of writing, the USD/MXN pair attempts to extend its gains, trading around 16.70 during the European trading hours. The upbeat US Core Producer Price Index data for February, with a 2.0% year-over-year increase, exceeding expectations of 1.
Governor Victoria Rodriguez Ceja has advocated for a gradual approach to adjustments, while Deputy Governor Jonathan Heath has warned against the risks associated with premature rate cuts. However, Banxico Deputy Governor Omar Mejia hinted at the possibility of an interest rate cut in a podcast on Wednesday, arguing that it wouldn't be premature given the high level of rates maintained by the bank.
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