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A Reuters poll expects Mexico's peso to pare its recent advance but stay at firm levels. Banxico has kept tightening aggressively, raising its benchmark to a record 10.5% after a 50 basis point hike in December and 650 basis points cumulatively since April 2021.
Higher Mexican rates attract carry inflows and support the peso, which lowers the peso cost of dollar-priced feed imports for Mexican buyers. A firmer peso is mildly bearish for USD/MXN.
reuters.comGabriel BurinFeb 7, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
