Mexico's central bank held borrowing costs steady on Thursday, flagging weaker growth and warning that uncertainty around the U.S. presidential election might cause deeper peso losses that could fan inflation.
The Banco de Mexico left its key rate MXCBIR=ECI at 4.25 percent, as expected by all 17 analysts surveyed by Reuters last week, after a unanimous 50-basis-point hike in June to keep a weak peso from hitting consumer prices.
The peso MXN=D2,MXN= has recovered somewhat, firming nearly 7 percent since hitting an historic low of 19.5225 per dollar on June 24 . . .
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Return of Superpeso? The Mexican Peso Reached its Best Day in 17 Days on Thursday The Mexican peso experienced its best day in over two weeks on Thursday, bolstered by the weakening U.S. dollar as macroeconomic data from the United States signaled that the Federal Reserve (Fed) could begin reducing the cost of credit next week. The peso registered a gain of 1.62%, or 32.11 cents, closing at 19.4724 pesos…
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