The Mexican peso was little changed today after it dropped yesterday on the speculation that the government will intervene to weaken the currency.
Mexico’s Finance Minister Ernesto Cordero reinforced the worries about an intervention as he said today:
We are paying attention to capital inflows. In the case of Mexico, it wouldnât be effective to impose capital controls.
Some analysts voiced their doubts about probability of an intervention, but these comments clearly show that the government isn’t happy with the exchange rates.
USD/MXN traded near its opening level of 12.086 as of 10:05 GMT today after it climbed on yesterday’s trading session from 12.048 to 12.087.
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