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Mexico’s CB Selling USD to bolster MXN

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Mexico’s central bank (Bank of Mexico) said on Thursday that it is selling dollars in response to a weakening of the peso, which hit a record low on Wednesday.

Juan Garcia, director of national operations for the bank, confirmed the sales, but declined to specify the amount.

The peso currency reversed losses to gain more than 1 percent following the sales.

Reuters

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Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
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