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The IPC slipped 0.88% to 68,285.82 on Wednesday June 3, giving back most of the bounce it made the day before and settling back into the narrow range it has traded in for months. The market opened near its high for the day and drifted lower from there.
There was no real news behind the move; the market is simply drifting sideways, waiting for something to push it one way or the other. While its neighbours have had elections and big interest-rate moves to trade on, Mexico has stayed quiet, stuck in the same band it cannot seem to break out of.
The peso stayed steady at around 17.3 per dollar, the same calm, firm level it has held all year. The next things that could wake the market up are on the calendar: the World Cup, which kicks off June 11, and the July 1 review of Mexico’s trade deal with the US and Canada.
