# Mexican Peso rallies as US jobs data fuels Fed rate cut expectations — Octa

> The Mexican peso gained 0.88% to trade at 18.59 per dollar after a weaker-than-expected US ADP jobs report increased bets on a September Fed cut. Mexico's Q2 GDP growth of 0.2% also drew comment from a Banxico deputy governor favoring gradual rate cuts.

- Date: 2024-07-31 · published 2024-07-31T12:00:00.000Z
- Category: macro · region Mexico · magnitude low
- Page: https://feedsoft.ai/events/29523-mexican-peso-rallies-as-us-jobs-data-fuels-fed-rate-cut-expectations-octa
- Commodities: [Mexican Peso (MXN per USD)](https://feedsoft.ai/c/USDMXN.md)

## Why it matters

A stronger peso reduces the local cost of US feed ingredients, which can support Mexican import demand. Lower US rates tend to weaken the dollar, which supports the peso and other emerging-market currencies.

## Read by commodity

- USDMXN: bearish ▼

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/1110491/

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