Banxico
Banxico cuts interest rate to 6.75% despite inflation and Middle East tensions
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Mexico's central bank cut its benchmark rate to 6.75% in a split decision, as global markets closed lower amid the US-Iran war. The BMV fell 1.65%, and the peso depreciated 1% against the dollar. Oil prices rose due to the Strait of Hormuz closure.
The Mexican peso ended the session up 0.15% against the dollar at 17.76 pesos per unit, per Banco de México data. Traders assessed the feasibility of a ceasefire in Iran ahead of Banxico's monetary policy decision on Thursday. Analysts forecast the currency to hold in a 17.65-17.85 pesos per dollar range.
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Senator Gerardo Fernández Noroña transferred 64,000 pesos to an association aiding Cuba, responding to a call from former President Andrés Manuel López Obrador. Yet, Mexico's central bank platform lists the payment as 'returned'. Noroña posted the receipt on social media with the message 'My solidarity with Cuba'.