Mexican Peso Gains as Interest Rates Remain Unchanged

The Mexican peso gained today after the central bank left interest rates unchanged after two consecutive cuts. The decision was driven by signs of economic recovery in Mexico.

The Banco de Mexico left its benchmark interest rate at 3.5 percent. Mexico’s economy expanded 0.8 percent in the third quarter of 2013 after declining in the second quarter. Still, the central bank voiced concern that recovery is not certain in many sectors in the economy.

USD/MXN fell from 13.0729 to settle at 12.9288 today.

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