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MXN
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Gold forecast: Metal declines but outlook positive
Our longer-term gold forecast remains positive, owing to the fact global monetary policy can only start to loosen from here
![Gold trading](/en-sg/-/media/research/global/news-analysis/featured-image/2021/03/gold1v2.jpg?h=300&w=1170&hash=529578D2C025AAD2B174FDDA4C881AE3)
Gold forecast: Metal declines but outlook positive
Our longer-term gold forecast remains positive, owing to the fact global monetary policy can only start to loosen from here
![Board of currencies](/en-sg/-/media/research/global/news-analysis/featured-image/2021/03/forex8.jpg?h=300&w=1170&hash=BC23465DB56EC35C09D1AF6B39C30518)
Mexico’s data off to a bad start after latest Banxico meeting: USD/MXN
If inflation continues to fall in Mexico over the next month, and economic data is weak, Banxico will have a tough time justifying higher rates
![Bank notes of different currencies](/en-sg/-/media/research/global/news-analysis/featured-image/2021/03/forex2v2.jpg?h=300&w=1170&hash=6FE30B0A3BFA5A8742236650076E862F)
Currency Pair of the Week: USD/MXN
If Banixco continues to be more hawkish than the FOMC, USD/MXN could continue lower
![Bank notes of different currencies](/en-sg/-/media/research/global/news-analysis/featured-image/2021/03/forex2v2.jpg?h=300&w=1170&hash=6FE30B0A3BFA5A8742236650076E862F)
Don’t forget about Banxico on Thursday
Banxico is expected to leave rates unchanged after a year and a half of easing rates from mid-2019 to March of this year
![Bank notes of different currencies](/en-sg/-/media/research/global/news-analysis/featured-image/2021/03/forex2v2.jpg?h=300&w=1170&hash=6FE30B0A3BFA5A8742236650076E862F)
Banxico Preview: Higher inflation, but can they leave rates unchanged?
Mexico’s inflation rate for April was 6.08%, the highest since December 2017
![Bank notes of different currencies](/en-sg/-/media/research/global/news-analysis/featured-image/2021/03/forex2v2.jpg?h=300&w=1170&hash=6FE30B0A3BFA5A8742236650076E862F)
Mexico: Poor economic data and higher inflation
If the trend continues, Banxico will have a problem
![Bank notes of different currencies](/en-sg/-/media/research/global/news-analysis/featured-image/2021/03/forex2v2.jpg?h=300&w=1170&hash=6FE30B0A3BFA5A8742236650076E862F)
Mexican inflation expected to heat up
If the inflation data is much stronger than expected, USD/MXN may continue moving lower
![Bank notes of different currencies](/en-sg/-/media/research/global/news-analysis/featured-image/2021/03/forex2v2.jpg?h=300&w=1170&hash=6FE30B0A3BFA5A8742236650076E862F)
Stronger US rates and weaker stocks push USD/MXN higher
As a result of risk off, emerging markets currencies also took a hit.
![Bank notes of different currencies](/en-sg/-/media/research/global/news-analysis/featured-image/2021/03/forex2v2.jpg?h=300&w=1170&hash=6FE30B0A3BFA5A8742236650076E862F)
[VIDEO] USD/MXN bucking the trend
If USD/MXN can clear the 20.5850 area, bulls will be looking to push this currency pair up to 21.9350!
![Bank notes of different currencies](/en-sg/-/media/research/global/news-analysis/featured-image/2021/03/forex2v2.jpg?h=300&w=1170&hash=6FE30B0A3BFA5A8742236650076E862F)
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![Bank notes of different currencies](/en-sg/-/media/research/global/news-analysis/featured-image/2021/03/forex2v2.jpg?h=300&w=1170&hash=6FE30B0A3BFA5A8742236650076E862F)
Currency pair of the week: USD/MXN
The Bank of Mexico meets this week and there is a possibility they may cut rates
![Market chart showing uptrend](/en-sg/-/media/research/global/news-analysis/featured-image/2021/03/uptrend-2-v2.jpg?h=300&w=1170&hash=DA25CDF1A644B345D1E77AF7318327DE)
Banxico’s Turn!
USD/MXN may already be on its way to new highs!