Mexico’s peso depreciated more than 1% to 20.1 per USD, its worst performance in two weeks, following weak economic data and renewed concerns about the country’s central bank being outpaced by the Fed’s monetary policy tightening. The central bank signaled that it would increase its benchmark rate if high inflation persists. Meanwhile, Mexico’s president Andres Obrador will meet with president Biden on 12 July to discuss topics including corruption, work visas and a plan to jointly address inflation.