- As expected by most, the Bank of Mexico late yesterday boosted its benchmark overnight rate by 50 basis points to 4.75%. The move came to help contain inflation expectations with the peso near record-low levels.
- The bank, however, noted this isn't necessarily the start of a rate hike cycle.
- Analysts aren't expecting much action in the peso, as its movements are dictated more by external events, such as the U.S. election and expectations the Fed is set to boost rates.
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