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Mexican peso steadies near 17.98 as Fed minutes point to further hikes

USD/MXN was at 17.98 virtually unchanged, after the peso had depreciated more than 7% since Sept. 21 and earlier rallied from a high of 18.43.

Reported · Written up by our desk · Major Pairs

The Mexican peso was largely flat against the US dollar, with USD/MXN trading around 17.98 and little changed from Wednesday’s opening, according to FXStreet.

FXStreet cited minutes from the Federal Reserve’s last meeting showing officials expect another rate hike by the year’s end, which supported expectations of higher US interest rates.

The report said the peso had weakened more than 7% since Sept. 21, after USD/MXN hit a high of 18.43, then pulled back over 2.3% slightly below the 18.00 level.

FXStreet added that economists polled by Banxico project Mexico’s interest rate will stay at 6.50% until the end of 2027, while the Bank of Mexico held rates steady after the Fed’s September increase.

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