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Currencies under fire, Mexico’s tepid recovery

While Latin American currencies have come under pressure this week, we think that they will rebound over the coming quarters as global risk appetite and commodity prices generally improve. Otherwise, the recently-released activity data from Mexico suggest that the economy is still a long way from its pre-crisis level. And with the pace of recovery set to slow from here, we think that the central bank will lower its policy rate by more than most expect.

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