- The Mexican Peso is declining after Mexican GDP and Retail Sales data missed economists’ expectations.
- The Banxico is now widely expected to cut interest rates in August, further weighing on the Peso.
- USD/MXN is now in a short-term uptrend, with sights set on the June 28 high.
The Mexican Peso (MXN) is trading lower in its most heavily traded pairs on Wednesday after a string of macroeconomic data releases showed below-expectations growth and activity in Mexico. This, in turn, has increased bets the Bank of Mexico (Banxico) will cut its main interest rate at its meeting in August. Such a move would be negative for the Peso since lower interest rates reduce foreign capital inflows.
Meanwhile, traders await the release of the latest Mexican inflation data on Wednesday, to further assess the likely outlook for monetary policy.
At the time of writing, one US Dollar (USD) buys 18.20 Mexican Pesos, EUR/MXN trades at 19.73, and GBP/MXN at 23.48.
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