In early November, USDMXN fell below 19.50. However, economists at Commerzbank believe that the risks are now tilted to the upside. BANXICO AND THE FED „The market will likely be watching to see if, and if so, to what extent, Banxico reverses the pace of monetary tightening and is therefore able to move away from the central bank.” „Given the already achieved policy rates on the one hand and the strong weight on the other, we believe there are further risks to USDMXN.”

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