Foreign Exchange Rate Uncertainty

MEXICO - Report 19 Nov 2014 by Mauricio González and Ernesto Cervera
Executive Summary The volatility that has swept international markets in recent weeks in response to the sluggish levels of growth expected in Europe and China has taken a significant toll on the peso relative to the US dollar. Although the shift in the exchange rate of recent weeks was pronounced, the peso has tended to move higher relative to the dollar since June of this year, when Mexico’s central bank surprisingly decided to slash its discount lending rate by 50 basis points. That rate cut alone had a substantial effect on the exchange rate as it prompted a more than 5% devaluation wel...

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