Latest from RobotFX: important news impacting currency trading.
The Mexican peso weakened to 17.3 per USD in mid-May, as renewed, energy-driven inflationary pressures heightened expectations that the Federal Reserve could raise interest rates later this year. The stronger US dollar, alongside rising US Treasury yields, added further pressure on emerging market currencies. Earlier in the month, the Bank of Mexico cut its benchmark interest rate by 25 basis points to 6.5%, but indicated that the easing cycle begun in March 2024 had likely come to an end. Banxico struck a more cautious tone as elevated energy prices, tied to the conflict in the Middle East, threatened to push up inflation expectations in Mexico. At the same time, the latest GDP figures showed that the Mexican economy contracted by 0.8% in the first quarter, a sharper decline than markets had anticipated.
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