Investing.com – The currency starts the week slightly lower against the peso, but still holds below 17 pesos per dollar, levels not seen in 8 years, as it could be the end of the rate hike cycle approaching for the US Federal Reserve.
At 05:00 AM (CST), the Mexican peso was trading at 16.78 pesos to the dollar, which is down 0.33%, according to real-time data available at Investing.com.
Last week, the peso ended up 2.30%, trading at around 16.75 pesos per dollar, recording a maximum of 17.17 and a minimum of 16.7166 pesos per dollar, not seen since 2015.
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“This rise is due to the expectation that the Federal Reserve is nearing the end of its rate hike cycle, as consumer and producer inflation in the US slows,” explained Gabriela Seiler, Director of Economic and Financial Analysis at Banco Bank. base in a report.
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Markets are betting heavily on a 25 basis point rate hike at the next Federal Reserve meeting on July 26th. If confirmed, rates will be in the range of 5.25% to 5.50%, and it will probably be the final rate.
However, some Fed officials have commented that it is still too early to tell whether what they have done so far has been sufficient to bring inflation to the 2% target, so they have left the door open for another additional increase.
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