Banxico raises key rate by 25 bps to 11.25% in unanimous decision.

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• Banxico raises key rate by 25 bps to 11.25% in unanimous decision.
• Mexican Peso retreats after decision, USD/MXN climbs to 18.10.

The Bank of Mexico raised it key interest rate by 25 basis points as expected, to 11.25%. That represents the smallest rate hike since November 2021. Since then, it raised by 50 bps at six meetings, and by 75 bps in four. The decision was unanimous.

Prior to the decision, the USD/MXN was trading at 18.05, at the lowest level in three weeks. Following the decision, it jumped toward 18.10, erasing daily losses.

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