Mexican peso trading at low following economic data and political uncertainty

The Mexican peso weakened to 18.4 per USD, approaching its fifteen-month low of 18.75. Markets are reacting to the latest rate decision by Banxico and recent economic data. The central bank, Banxico, maintained its interest rate at 11% during its June meeting, aligning with market expectations and underscoring its commitment to controlling inflation, which surged to 4.78% by mid-June, surpassing expectations.

Read more to find out why the MXN weakens despite strong economic data.