# Mexican Peso tanks to four-week low as Banxico reveals quarterly report

> 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.

- Date: 2024-05-29 · published 2024-05-29T12:00:00.000Z
- Category: macro · region Mexico · magnitude low
- Page: https://feedsoft.ai/events/30482-mexican-peso-tanks-to-four-week-low-as-banxico-reveals-quarterly-report
- 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 and grain for Mexican buyers. Election risk and higher inflation forecasts point to continued currency pressure in the near term.

## Read by commodity

- USDMXN: bullish ▲

## Sources

- fxstreet.com: https://www.fxstreet.com/news/mexican-peso-slumps-against-us-dollar-ahead-of-mexicos-general-election-202405291657

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