The Bank of Mexico shocked the market with a big interest rate hike -- and the peso is soaring

The Bank of Mexico unexpectedly hiked their key interest rate to 4.25% from 3.75% Thursday. Economists were only expecting a 0.25% hike from the central bank.

In response, the peso has soared against the dollar to 0.549, a 1.48% leap. as of 2:13 p.m. ET.

More to come…

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