Banxico decides interest rate today; markets expect no change

The Mexican peso extended its gains on Thursday, November 5, trading near 18.58 pesos per dollar. Early in the session it was quoted at about 18.585, a gain of roughly 0.13 percent, as investors awaited the Bank of Mexico's monetary policy decision. Analysts widely expect the bank to hold its benchmark interest rate at 6.50 percent, pausing its rate cuts because Mexico's economic activity has performed better than expected. The move follows Democratic victories in the United States midterm elections on November 3, which have raised uncertainty over investment projects and President Donald Trump's economic agenda. Analyst Gabriela Siller Pagaza noted that the U.S. dollar recorded its largest decline since August 19. The official reference rate published by the central bank was 18.6285 pesos per dollar, while bank counter rates vary widely, so buyers should compare institutions before exchanging currency.