Despite a likely recession in the United States, the Mexican economy is growing beyond expectations and the Mexican Stock Market, Bolsa Mexicana de Valores (BVM), is one of the few markets up in 2008. This unexpected divergence from the U.S. has come as a surprise for many analysts. Although 80% of Mexico's exports are destined for the United States, these goods are mostly related to industrial production - a sector of the U.S. economy that has performed relatively well given the fall of the U.S. dollar and rising exports. This buffer gives the Banco de Mexico, Mexico's central bank, additional room to tighten monetary policy and fight inflation.

Morgan Stanley - Three Anomalies
Bloomberg - Mexico Inflation Rate Jumps to Highest in 17 Months
Financial Times - Mexican Waves