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Mexican Peso climbs as CPI threatens to delay Banxico cuts
The post Mexican Peso climbs as CPI threatens to delay Banxico cuts appeared on BitcoinEthereumNews.com. Mexican Peso strengthens for seventh session with USD/MXN down 0.44%, sparked by high inflation. Banxico Deputy Governor Borja adopts neutral stance, despite emphasizing that policy is restrictive. Banxico’s minutes to address disinflation forces, growth disappointments, and potential downside risks in upcoming meeting. The Mexican Peso extended its rally for the seventh consecutive session on Wednesday after inflation got close to 5%, which might deter the Bank of Mexico (Banxico) from easing policy at the upcoming monetary policy meeting in August. Therefore, the USD/MXN continued to edge lower and traded at 17.83, a loss of 0.44%. Mexico’s inflation, as measured by the Consumer Price Index (CPI), was higher than expected in June, hitting 4.98%, above estimates of 4.84%. This triggered a reaction amongst Banxico’s policymakers with Deputy Governor Jonathan Heath writing on X that June’s inflation data was “very worrying.” Recently, Deputy Governor Galia Borja said, “It’s prudent not to make hasty decisions” regarding monetary policy. She’s adopted a more neutral stance, adding that officials must be patient, though she added that the current policy is “undoubtedly restrictive.” On Thursday, Banxico will reveal its latest monetary policy minutes. Analysts at JP Morgan wrote, “We expect the minutes to elaborate on both disinflation forces and some of the upside risks embedded in the ongoing MXN re-adjustment, and the forces behind growth disappointments.” They added that Banxico’s board is expected to acknowledge the “underwhelming growth dynamics and downgraded its growth outlook—now openly underscoring downside risks to economic activity.” Across the border, Federal Reserve (Fed) Chair Jerome Powell appeared at the US House of Representatives and repeated some of Tuesday’s words that the disinflation process is evolving and that the risks of achieving the dual mandate have become more balanced. He added that Fed officials needed good inflation data to lower borrowing costs and…
The post Mexican Peso climbs as CPI threatens to delay Banxico cuts appeared on BitcoinEthereumNews.com.
Mexican Peso strengthens for seventh session with USD/MXN down 0.44%, sparked by high inflation. Banxico Deputy Governor Borja adopts neutral stance, despite emphasizing that policy is restrictive. Banxico’s minutes to address disinflation forces, growth disappointments, and potential downside risks in upcoming meeting. The Mexican Peso extended its rally for the seventh consecutive session on Wednesday after inflation got close to 5%, which might deter the Bank of Mexico (Banxico) from easing policy at the upcoming monetary policy meeting in August. Therefore, the USD/MXN continued to edge lower and traded at 17.83, a loss of 0.44%. Mexico’s inflation, as measured by the Consumer Price Index (CPI), was higher than expected in June, hitting 4.98%, above estimates of 4.84%. This triggered a reaction amongst Banxico’s policymakers with Deputy Governor Jonathan Heath writing on X that June’s inflation data was “very worrying.” Recently, Deputy Governor Galia Borja said, “It’s prudent not to make hasty decisions” regarding monetary policy. She’s adopted a more neutral stance, adding that officials must be patient, though she added that the current policy is “undoubtedly restrictive.” On Thursday, Banxico will reveal its latest monetary policy minutes. Analysts at JP Morgan wrote, “We expect the minutes to elaborate on both disinflation forces and some of the upside risks embedded in the ongoing MXN re-adjustment, and the forces behind growth disappointments.” They added that Banxico’s board is expected to acknowledge the “underwhelming growth dynamics and downgraded its growth outlook—now openly underscoring downside risks to economic activity.” Across the border, Federal Reserve (Fed) Chair Jerome Powell appeared at the US House of Representatives and repeated some of Tuesday’s words that the disinflation process is evolving and that the risks of achieving the dual mandate have become more balanced. He added that Fed officials needed good inflation data to lower borrowing costs and…
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