In a surprise move late Friday, the Mexican central bank (Banxico) delivered an emergency rate cut of 50bps to 6.50% amid risks of recession fuelled by the recent oil-price collapse and coronavirus outbreak. The decision was announced in an unscheduled meeting that took placed for the first time in four years. Summary of the statement “Global and domestic financial markets have been subject to high volatility over the last weeks due to the uncertainty regarding the impact of COVID-19 on world economic activity, and to the recent fall in international oil prices.” “In this context, foreign exchange and fixed income markets in Mexico have undergone significant adjustments, lower liquidity, and a deterioration of trading conditions.” USD/MXN eased-off record highs On the emergency rate cut announcement, the Mexican peso reversed slightly from a record low of 24.565 reached against the US dollar. The USD/MXN pair still settled the week close to the all time high, up 10% on the week. The renewed weakness in oil prices triggered the latest declines in the Mexican peso. USD/MXN back above 24.00, up 10% over the week FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Germany to raise about EUR350 bln in new debt to finance stimulus measures amid coronavirus crisis – Reuters FX Street 2 years In a surprise move late Friday, the Mexican central bank (Banxico) delivered an emergency rate cut of 50bps to 6.50% amid risks of recession fuelled by the recent oil-price collapse and coronavirus outbreak. The decision was announced in an unscheduled meeting that took placed for the first time in four years. Summary of the statement “Global and domestic financial markets have been subject to high volatility over the last weeks due to the uncertainty regarding the impact of COVID-19 on world economic activity, and to the recent fall in international oil prices.” “In this context, foreign exchange and fixed income… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
