LatinNews Daily - 16 May 2023

In brief: Mexico’s peso performs well against US dollar

*Mexico’s central bank (Banxico) has announced that the peso has reached an exchange rate of M$17.42 to the US dollar. This is the peso’s best rate since May 2016. The peso has sustained a strong performance against the dollar since the end of last year, dipping below M$19 to the dollar in mid-January. The latest gains come amid speculation that Banxico will hold its benchmark interest rate at 11.25% at its next monetary policy meeting, ending a rate-hiking cycle of almost two years. Banxico will announce its decision on 18 May.

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