Banxico survey sees 6.50% rates through 2027, Peso near 18.40

On Tuesday, the Bank of Mexico released its October private economists survey in which most analysts revised their inflation expectations upward and see the USD/MXN exchange rate finishing the year near the psychological 18.50 mark.

The median of economists sees headline inflation at 3.88% in 2026, up from September’s 3.87%, and at 3.85% in 2027. Core inflation is seen at 3.82% by year-end, down from 3.90%, and at 3.82% in 2027.

Mexico’s economy is seen growing 1.50% in 2026, up from 1.40% a month ago, and for 2o27, analysts see growth approaching the 2% mark at 1.83%.

Regarding monetary policy, Banxico is projected to hold rates unchanged at 6.50% through the rest of 2026 and into 2027, while the USD/MXN exchange rate by the year’s end will hit 18.39 and, in 2027, will be near 18.64.