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the exchange rate traded lower on Wednesday in Mexico due to the appreciation of the peso against the dollar, after four consecutive sessions with losses and a report on local inflation that strengthened bets that the central bank will leave unchanged the reference rate in the his monetary policy announcement on Thursday.
In the morning, the price of dollar it was trading at 20.7590 pesos in the Mexican market, down 0.35% from 20.8310 of Monday’s Reuters benchmark price.
Mexico’s year-on-year inflation accelerated more than expected in the first half of March to its highest level in nearly two years, and exceeded the upper limit of the target range for the first time since October. the central bank, 3% +/- one percentage point.
Mexico’s consumer price index rose 4.12% year-on-year, the INEGI statistics institute said, compared with 3.68% in the second half of February. above the 3.91% projected in a Reuters poll.
“With this inflation figure and the current external financial conditions, the decision to cut or not to cut the anchoring rate to the Mexican monetary authority at tomorrow’s monetary policy meeting will be complicated.”, Said CI Bank in a report.
With information from Reuters