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Market Update: Mexican Peso Rebounds from 3-Month Low
The Mexican peso climbed towards a one-week high at 20.2 per USD in late-June, as oil prices and a general risk appetite helped the peso rebound from its lowest level since March. On the data front, retail sales in Mexico went up 30.1% from a year earlier in April, slightly slower than expectations of a 30.8% surge, primarily due to low base year effects. Crude futures, one of Mexicos major exports, traded near 3-year highs around $73.5 per barrel, amid a steeper-than-expected drop in US stock inventories. Meanwhile, a Citibanamex survey showed 2021 GDP growth forecasts have improved to 5.8%, from the previous reading of a 5.5% expansion, while expectations regarding monetary policy predicted that the Bank of Mexico will keep interest rates unchanged at its next meeting, later this week. [/s2If]
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