Mexico's Herrera: Mexico is not in a recession

Mexican Finance Minister Arturo Herrera crossed the wires in the last minutes saying that Mexico is not in a recession, as per Reuters.

"We are not proposing legal changes for the use of Mexico's stabilization fund," Herrera stated and added that there was no risk of entering a period of negative growth in the coming quarters. "We expect to enter a period of positive growth in the second half of the year."

The USD/MXN pair has largely ignored those headlines and was last seen trading near the 19 handle, losing 0.35% on a daily basis.