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- USD/MXN: Break of the 17 handle to set a test of 16.40 – Rabobank
USD/MXN: Break of the 17 handle to set a test of 16.40 – Rabobank
Banxico will announce its latest rate decision on Thursday, June 22. Economists at Rabobank analyze MXN's outlook ahead of the meeting.
No change to the 11.25% policy rate
We foresee no-change in the 11.25% policy rate and expect the decision to be unanimous.
Our base case remains that rates will stay on hold at 10.25% into 2024, but the risk is skewed to further tightening.
We are now testing the 17 handle on the downside. Our base case is that this level does break, and a confirmed close below there will set up a test of 16.40.
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