The Mexican Peso (MXN) declines in most pairs on Friday as widespread risk aversion, on the back of geopolitical concerns, disproportionately weigh on the Peso, a risk-on currency.
The Mexican Peso weakens in most pairs on increased risk aversion. The Peso fell against the US Dollar after strong US economic data strengthened the buck on Thursday. USD/MXN could be in a new short-term uptrend after breaking above a trendline. The Mexican Peso declines in most pairs on Friday as widespread risk aversion, on the back of geopolitical concerns, disproportionately weigh on the Peso, a risk-on currency.
The release of the Bank of Mexico May meeting Minutes showed most policymakers continued to see upside risks to inflation despite data showing core inflation continuing to decline. Persistent inflation in the Services sector was seen as a key stumbling block to inflation falling to Banxico’s 3.0% target. The Minutes showed the decision to keep interest rates at 11.00% was unanimous.
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