The Mexican Peso is declining after Mexican GDP and Retail Sales data missed economists’ expectations. The Banxico is now widely expected to cut interest rates in August, further weighing on the Peso. USD/MXN is now in a short-term uptrend, with sights set on the June 28 high. The Mexican Peso is trading lower in its most heavily traded pairs on Wednesday after a string of macroeconomic data releases showed below-expectations growth and activity in Mexico.
Adding to the economic uncertainty, Fitch Ratings reaffirmed Mexico’s BBB- rating but warned of potential impacts from proposed judicial reforms. Meanwhile, the International Monetary Fund revised Mexico’s 2024 Gross Domestic Product growth forecast down from 2.4% to 2.2%, citing a slowdown in manufacturing linked to reduced US economic activity. This has pressured Banxico to consider a more accommodative monetary stance.
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