Banco de Mexico (Banxico) revealed the minutes of the August 7 monetary policy meeting, in which the central bank decided to reduce rates by 25 basis points (bps) to 7.75% on a vote split, with Deputy Governor Jonathan Heath in favor of keeping rates unchanged.
The Mexican Peso is trading with marginal gains on Friday, appreciating for the fifth consecutive day and on track to a 2.4% weekly rally as the US Dollar weakness has offset the impact of a 50 bps rate cut by the Bank of Mexico.
The USD/MXN pair gathers strength to around 19.05, snapping the two-day losing streak during the early European session on Friday. The risk-off sentiment amid escalating Israel-Iran tensions exerts some selling pressure on the Mexican Peso (MXN) against the Greenback.