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