Tuesday, September 22, 2015

USD/MXN rises to 6-day high as Banxico leaves rates unchanged

FXStreet (Córdoba) - USD/MXN reached a fresh high near 16.75 and then pulled back toward 16.65 after the Bank of Mexico left the overnight interbank funding rate at 3%, as expected.

With inflation below the target and after the FOMC left monetary policy unchanged, Banxico was expected to do the same, despite the fact that some officials asked for a preventive hike rate. The central bank repeated the tone and words of the previous meeting and the price of the Mexican peso made limited moves after the announcement.

USD/MXN continues to correct higher

Like most currencies, the Mexican peso is falling on Monday against the US dollar. Before Banxico USD/MXN bottomed at 16.55 but then bounce to the upside and peaked at 16.745 after the central bank announced its decision. Then pulled back and it was trading at 16.85, headed toward the third daily gain in a row, recovering after falling on Thursday to 16.36, the lowest in four weeks.
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