The Central Bank of Mexico has raised rates by 50 basis points.
Reuters reports that Mexico Central Bank board member, Gerardo Esquivel voted in favor of raising the overnight interbank interest rate target by 25 basis pointsup to 10.25%.
”The decision to raise the interest rate by 50 basis points it was not unanimoushowever, the board believes that it will still be necessary to raise the reference rate at its next monetary policy meeting”.
Subsequently, “it will assess whether it is necessary to further adjust the reference rate, as well as the rate of adjustments based on the prevailing situation.”
USD/MXN Update
The decision was as expected and has little impact on the Mexican peso. Overall, the bulls are in control although they have been forced to pull back from the daily resistance.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
