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The Mexican peso recovered earlier losses against the US dollar after the second estimate of US Q1 GDP growth was revised down to 1.3% from 1.6%. USD/MXN fell to about 16.95 from above 17.00.
Mexican unemployment rose to 2.6% in April.
Weaker US growth raises expectations of Fed rate cuts, which tends to weaken the dollar and strengthen the peso. A stronger peso lowers the local-currency cost of imported feed ingredients for Mexican buyers.
fxstreet.comJoaquin MonfortMay 30, 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.
