Weekly Report - 18 May 2023 (WR-23-20)

MEXICO | Peso strong against the US dollar. On 15 May, Mexico’s central bank (Banxico) announced that the peso had reached an exchange rate of M$17.42 to the US dollar. This was the peso’s best rate since May 2016. The peso has sustained a strong performance against the dollar since the end of last year, dipping below M$19 to the dollar in mid-January. The latest gains came amid speculation that Banxico will hold its benchmark interest rate at 11.25% at its next monetary policy meeting, ending a rate-hiking cycle of almost two years.

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