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Mexican Peso Rises To 2-day High Against U.S. Dollar

04:35, 19th May 2017

(RTTNews) - The Mexican Peso climbed against the U.S. dollar in the European session on Friday, after the Bank of Mexico unexpectedly raised its benchmark rate by a quarter point amid rising inflationary pressures.

The Bank of Mexico lifted its benchmark by 25 basis points to 6.75 percent, while economists had forecast the rate to remain unchanged at 6.50 percent.

The Mexican Peso climbed to a 2-day high of 18.68 against the greenback, compared to Thursday's closing value of 18.84. The Mexican Peso is likely to target resistance around the 17.00 zone.

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