In Peru, the CB decided to keep the MPR unchanged, partly due to the increased market volatility

In a somewhat surprising move for us, the CB of Peru decided to keep the MPR unchanged. We believed that considerations of weaker than expected activity figures and prices within the CB’s target would be more important than exchange rate ones, leading to a limited cut; which ultimately did not happen. In Mexico, inflation figures came out in line with expectations although the risks for the rest of the year remain skewed to the upside.

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