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The USD/MXN currency pair is expected to climb back above the 19.00 mark, with little scope for a sustainable recovery of the peso against the USD, according to the latest research report from Commerzbank.
As a result of a preliminary agreement in the trade conflict between the US and China the Mexican peso as well as other EM currencies were able to benefit from the fact that the US House of Representatives is making good progress with the ratification of the trade agreement between the US, Mexico and Canada (USMCA).
"However, we remain sceptical as the economic recovery remains disappointing," the report further commented.
At today’s meeting the central bank is likely to cut its key rate by 25bp to 7.25 percent once again. Meanwhile, this easing of monetary policy is likely to continue next year, Commerzbank further noted in the report.
