Mexican Peso extends gains as USD/MXN reaches 17.68 after hitting five-week low of 17.62.
Mexico’s Industrial Production rebounds in May, indicating resilience amid economic slowdown.
Banxico minutes suggest potential rate adjustments, while US producer inflation rises and consumer sentiment deteriorates.
The Mexican Peso extended its rally for the ninth consecutive trading day against the Greenback on Friday following the release of Mexico’s Industrial Product figures and June’s US inflation data on the producer side. The USD/MXN trades at 17.68, refreshing five-week lows of 17.62.
Despite the annual weakening, Mexico’s Industrial Production showed resilience by recovering in May, following April’s plunge in monthly figures. This recovery underscores a positive outlook amidst the country’s ongoing economic slowdown.
In the meantime, the latest Bank of Mexico (Banxico) minutes revealed that the disinflation process has evolved and may spark discussions to adjust interest rates at upcoming meetings. The board acknowledged the labor market's strength, yet stated that growth has shown signs of weakness.
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