Daily digest market movers: Mexican Peso tumbles on risk aversion to Middle East conflict
- Mexico’s Foreign Exchange Reserves in August grew from $227 billion to $231 billion.
- Banxico’s poll showed economists expect the USD/MXN exchange rate to end at 19.69 in 2024. Inflation expectations were revised down from 4.69% to 4.48%, and core is expected to drop to 3.84% from 3.94%.
- Mexico’s economy is foreseen growing 1.45% in 2024, lower than August’s 1.57%. Economists estimate Banxico to lower rates to 10%, down from 10.25% on the previous survey.
- On Tuesday, Banxico Deputy Governor Jonathan Heath said that interest rates should remain higher for “more time” while acknowledging that core inflation is coming toward the target. He added that the US central bank’s rate cut wouldn’t directly impact Banxico’s policy path and does not believe Mexico is close to a recession.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
If you like, reward to support.
Hot
No comment on record. Start new comment.