MXN review

Western Union notes: 

The Mexican Peso has been firming up against the US dollar after hitting the lowest ever level in early June. Higher Crude Oil prices and a weaker US Dollar has helped it consolidate. 

The Mexican Peso got some support from Fund Manager Bill Gross who remarked that he is bullish on Mexico and is of the view that the Mexican Peso is 15 to 20 percent undervalued. 

Last week the Mexican Central Bank held rates steady, amid weakness in the economy it expected inflation to be contained at around 3 percent and the weakness in the Mexican Peso is not expected to feed through into higher inflation due to the weak domestic demand.