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The Mexican peso (MXN) edged higher against the U.S. dollar (USD) on Friday after Mexico’s central bank (Banxico) released minutes of its March meeting and prices for crude oil, Mexico’s main export, also rose.
The minutes of the Mexican central bank meeting showed that policymakers were unwilling to accept an easing cycle, including a commitment to lower interest rates in the future, as inflation remained stubborn.
The prospect of high interest rates in Mexico (currently 11.00%) is supporting the Mexican peso as it will lead to greater foreign capital inflows.
Rising crude oil prices (Brent topped $90 a barrel on Friday) may also help the Mexican peso, given its importance as an export.
