A further 50 basis point cut would take Banxico’s rate to its lowest level in three years, which could provide some relief to the weakening Mexican economy. But the majority of participants polled by Reuters said they believed the central bank should be more cautious in its next moves.

Switzerland cut rates to zero to rein in the rapidly appreciating franc, which has acted as a safe haven for investors given raised concerns over U.S. trade policy and Middle East tensions.

Bank of England kept rates on hold yesterday, with a voting split of six for a hold and three for a 25bp cut. The market impact from the decision was limited. Read more