The Mexican Peso (MXN) edges higher, continuing the steep rally witnessed in most MXN pairs on Friday, after the Deputy Governor of the Bank of Mexico (Banxico), Irene Espinosa, said she thought the Banxico should keep interest rates at their current high level (11.0%) as the battle with inflation was not yet over.
The Mexican Peso extends its uptrend after comments from the Deputy Governor of the Bank of Mexico. Irene Espinosa said she advocated for interest rates remaining high as inflation continued to be a problem. USD/MXN forms a bearish channel while it continues to descend.
Officials at the European Central Bank have as good as committed to implementing interest rates cut in June; the Bank of England is widely expected to cut rates in August; and whilst officials at the Federal Reserve have not been as vocal about wanting to cut interest rates amid persistent inflation, recent lower-than-expected CPI data as well as flat Retail Sales for April, increased bets by futures traders of the Fed cutting rates in September, which currently stand at around 65%, according...
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