Loading…
The Bank of Mexico cut its 2024 GDP growth forecast from 2.4% to 1.5% and its 2025 forecast from 1.5% to 1.2% in its quarterly report. The peso weakened about 0.7% to 19.77 per dollar as the dollar gained on strong US data.
Political concerns over judicial reform also weighed on the currency.
A weaker peso raises the local-currency cost of imported feed ingredients such as corn and soymeal for Mexican buyers. Slower Mexican growth could also cut feed demand.
fxstreet.comChristian Borjon ValenciaAug 29, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
