Earlier, it was reported that Mexico’s inflation in the first half of May rose to 4.78 percent. Regarding the economy, it grew by 0.3% in the first qu
Earlier, it was reported that Mexico’s inflation in the first half of May rose to 4.78 percent. Regarding the economy, it grew by 0.3% in the first quarter, surpassing the preliminary estimate of 0.2%, according to data from Inegi.
The Mexican peso is depreciating slightly this Thursday. The local currency is retreating after a brief boost that temporarily pushed it into positive territory, influenced by local inflation and GDP figures, while awaiting the minutes from the Bank of Mexico (Banxico) meeting.
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The spot exchange rate stands at 16.6940 pesos per dollar, compared to an official closing rate of 16.6740 pesos yesterday. This movement, in light of the Banxico data, results in a loss of 2 cents for the peso, equivalent to a 0.12 percent decline.
The dollar is trading in a narrow range, with a maximum of 16.6925 pesos and a minimum of 16.6219 pesos. The Dollar Index (DXY) from the Intercontinental Exchange, which measures the greenback against six major currencies, is down 0.24% at 104.68 points.
Now, traders are preparing for the release of the minutes from Banxico’s most recent monetary policy meeting, where the reference rate was kept at 11%, near its historic high. The next decision is scheduled for June 27. The disinflationary process could continue to be a challenge for the Bank of Mexico, which is why the expectation of an interest rate cut at the next meeting remains low.
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