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The Mexican peso fell sharply, losing almost 1% to a four-week low near 16.96 per dollar. Banxico's quarterly report raised its 2024 headline inflation forecast to 4% and cut its growth forecast to 2.4%.
Traders also reduced peso exposure ahead of the June 2 presidential election.
A weaker peso raises the local-currency cost of imported feed and grain for Mexican buyers. Election risk and higher inflation forecasts point to continued currency pressure in the near term.
fxstreet.comChristian Borjon ValenciaMay 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.
