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Mexican Peso at 1-Month High Against The US Dollar.

Mexican Peso at 1-Month High Against The US Dollar.


London, 20 May 2024


May saw the Mexican peso rise beyond 16.6 to the US dollar, hitting a high point in more than a month as investors took in statistics on inflation and recent hawkish comments from Bank of Mexico policymakers.



Irene Espinosa, the deputy governor of Banxico, said that the central bank will probably keep interest rates at their current high of 11% and won't delay the beginning of its rate-cutting cycle as long as inflation is still a concern. A move of this kind would maintain the central bank's April hold on Mexico's benchmark borrowing costs, which kept them near their all-time high of 11.25%.


In April, headline inflation increased to 4.65%, significantly higher than the 4.42% recorded in March and above the 4.63% market estimate. Core inflation, while still high, decreased slightly to 4.37%, below the 4.40% forecast.


Stats


On Monday, May 20, the USDMXN dropped from 16.6061 in the previous trading session by 0.0243, or 0.15%, to 16.5818. In the past, the Mexican Peso peaked in April 2020 at a value of 25.78. The most recent update to the Mexican Peso data, projections, and historical chart was made on May 20, 2024.


Forecast


On Monday, May 20, the USDMXN dropped from 16.6061 in the previous trading session by 0.0243, or 0.15%, to 16.5818. By the conclusion of this quarter, Trading Economics global macro models and analysts anticipate that the Mexican Peso will trade at 16.86. In the future, we predict that it will trade at 17.29 in a year.






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