Here comes the Bank of Mexico...

The Bank of Mexico will be out with its latest interest rate decision at 2 p.m. ET.

Economists forecast that Banxico, as the bank is usually called, will hike rates by 25 basis points, according to the Bloomberg consensus.

Previously, in its first meeting after Donald Trump's election, the bank hiked rates by 50 basis points to 5.25% - its highest rate since 2009 - up from 4.75%.

"In the weeks after the last monetary-policy decision, the panorama for the global economy became more complex, among other factors, as a consequence of the electoral process carried out in the United States and its result," Banxico wrote at the time in the accompanying statement.

October and November were a tumultuous couple of months for the Mexican peso, which ended up as one of the big market casualties of the US presidential election. The currency fell to a record low against the dollar on election night as rolling results increasingly pointed to a victory by Donald Trump, and then continued tumbling in the following week.

The Mexican peso is down by 0.4% at 20.5457 per dollar as of 1:36 p.m. ET.