# Mexican Peso depreciates on strong US GDP data, Banxico’s economic forecast

> 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.

- Date: 2024-08-29 · published 2024-08-29T12:00:00.000Z
- Category: macro · region Mexico · magnitude low
- Page: https://feedsoft.ai/events/29050-mexican-peso-depreciates-on-strong-us-gdp-data-banxico-s-economic-forecast
- Commodities: [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md)

## Why it matters

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.

## Read by commodity

- USDMXN: bullish ▲

## Sources

- fxstreet.com: https://www.fxstreet.com/news/mexican-peso-falls-as-banxico-lowers-growth-outlook-202408291750

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.