USDMXN – Mexican central bank hikes rates by 75 bps, trims losses
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Reuters reported that the Bank of Mexico hiked its benchmark interest rate by three-quarters of a percentage point to a record rate of 8.5% on Thursday, mirroring the US Federal Reserve’s most recent policy decision as inflation surged to an over two-decade high.
The five board members of Banxico, as the central bank is known, voted unanimously for the second 75 basis points rate hike in a row, saying they would “assess the magnitude of the upward adjustments in the reference rate for its next policy decisions based on the prevailing conditions.”
USD/MXN trimmed the losses of the day and is now printing at 19.9611.
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