USD/MXN steady around 19.15 as Banxico holds rates on a divided decision

• Mexican peso off lows versus US Dollar, remains steady after Bank of Mexico.
• Banxico keeps rates, hawkish bias but not unanimous. 

The USD/MXN pair rose to 19.16 and pulled back to 19.13 following the decision of the Bank of Mexico. As of writing, it trades at 19.14, modestly higher for the day. 

Earlier today, it traded below 19.10 (lowest since Monday) before making a run higher, approaching 19.20. The pair looks set to continue consolidating around 19.15. On a wider perspective, it continues to trade sideways between 19.10 and 19.30, two key technical levels. 

Banxico keeps rates and bias, but not everybody agrees 

The Board decided today to keep the key interest rate unchanged at 8.25%. The decision was not unanimous. Speculations point to Gerardo Esquivel asking for a rate cut. The tone of the statement was little changed from the previous meeting. Analysts pointed to the possibility of a more neutral statement considering the change in Fed rate policy expectation. 

The posture remains tight despite the Fed, slower growth in Mexico and the recovery of the Mexican peso.