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Choppy Trade For MXN Following Banxico Hold

MEXICO
  • USDMXN dipped on Banxico holding rates at 4% in a unanimous decision. The low printed at 20.5776 was initially faded back to pre-release levels just above 20.70, however renewed optimism saw the Peso edge higher overnight, once again sold into throughout the European session and as New York sit down.
  • In local news, the Mexican government is preparing changes to the country's hydrocarbons law that would give Pemex control over fuel prices, distribution, imports and marketing, Milenio reported.
  • Mexico Feb Trade Surplus of $2.68B vs $2.9B Estimate

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