Mexican Peso Falls and Stock Market Records Worst Session in Three Months

The Mexican peso fell for the fifth consecutive day and the Mexican Stock Market saw its worst session in three months following the release of the minutes from the most recent Federal Reserve meeting. The minutes revealed that central bank officials are confident that inflation is under control and expressed concerns about the potential harm of an “overly tight” monetary policy on the economy. The peso was quoted at 17.0360 per dollar, with a depreciation of 0.13% compared to the Reuters reference price on Tuesday, and the peso has lost 0.70% in the last five days. The benchmark S&P/BMV IPC stock index lost 2.20% to 55,726.64 points, its biggest daily drop since October 5, with the titles of mining company Industrias Peñoles and conglomerate Orbia leading the day’s decline. In the debt market, the 10-year bond yield rose four basis points to 9.06%, while the 20-year rate rose one basis point to 9.17%. This news is in line with the annual inflation in the US slowing below 3% in November.