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Market Update: Mexican Peso Trims Early Losses
The Mexican peso pared some losses to hover around 20.0 per USD on Thursday, after retreating to a 2-week low earlier in the session, as traders digested inflation data and minutes from the central banks monetary policy meeting of June 24th, when policymakers surprisingly raised the benchmark interest rate by 25 bps. The minutes revealed most of the Board viewed the spike in inflation as transitory. Consumer prices in Mexico rose 5.88% over a year in June, virtually the same pace as in May and remained above the central banks long-term targets ceiling of 4%. Meanwhile, health authorities registered 8,507 new cases on Wednesday, pushing the weekly rolling average to its highest level since the second week of March. [/s2If]
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