The Mexican Peso is edging higher on Friday after the release of the March meeting minutes.
Higher Crude Oil prices, a key Mexican export, could also be supporting the Peso.
Technically the USD/MXN pair remains in a long-term downtrend.
The Mexican Peso (MXN) trades marginally higher against the US Dollar (USD) on Friday, after the release of the Banco de Mexico’s (Banxico) March meeting minutes and amid a rise in Crude Oil prices, a key export for Mexico.
The Banxico minutes revealed a reluctance on the part of policymakers to embrace a cycle of easing, including a commitment to lowering interest rates in the future, due to continued stubborn inflation.
The prospect of interest rates remaining high in Mexico – they are currently at 11.00% – supports the Mexican Peso as it leads to higher foreign capital inflows.
Higher Crude Oil prices, with Brent Crude Oil pushing above $90 a barrel on Friday, may also have helped the Mexican Peso, given its importance as an export.
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