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Mexican Peso Drops Following Interest Rate Hike

July 1, 2016 at 17:35 by Vladimir Vyun

Mexican 50-peso notesThe Mexican peso trades below the opening level as of now even though the nation’s central bank made a bigger interest rate hike than experts had predicted.

The Bank of Mexico raised its main interest rate by 50 basis points. Most analysts were counting on an increase by just 25 points. The hike followed the peso’s drop to record lows after the Brexit.

USD/MXN was up 0.64% to 18.3982 as of 17:30 GMT today. USD/BRL also rose at about the same rate following the earlier drop.

If you have any questions, comments, or opinions regarding the Mexican Peso, feel free to post them using the commentary form below.

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