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🐍🦅 Mexican Peso Posts 7th Straight Month Of Gains: Cable FX Macro

Writer's picture: Rosbel DuránRosbel Durán
  • The Mexican peso spot rate rose 2.3% to the dollar in July, this was the seventh straight month of gains for the peso, which comes to match the longest winning streak since 2008

  • A CPI based REER measure by J.P. Morgan extended by 1.3% in July, the MXN real exchange rate index has increased every month so far this year. The J.P. Morgan MXN CPI Based REER Index is now at the highest level since 2008

  • The emerging market space is led by LatAmFX YTD, the Mexican peso 16.5% advance follows a 23.6% rise in the Colombian peso, the real tracks gains of 11.8%

  • Analysts at Scotiabank currently pencil Banxico ending the year with a policy rate of 11.0%, they forecast about 300bps of rate cuts by next year to 8.25%. This projection compares to their 650bps rate cut call for the Colombian central bank and 300bps for the Brazilian central bank



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