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Analysts at Nomura point out that Banxico will meet on Thursday to decide on the overnight rate and they expect to see it on hold at 7.75% – the same level since June.

Key Quotes

“We continue to expect the central bank to be on hold for the remainder of the year – and highlight that the current level of the rate is contractionary.”

“Going into 2019, we expect to a cutting cycle to begin – dependent on USDMXN not moving significantly from current levels.”