Daily digest market movers: Mexican Peso weakens as USD/MXN surges
- Mexico’s deterioration in Consumer Confidence and the IMF forecast weighed on the Mexican Peso, which is falling to two-week lows as USD/MXN rises to 19.67.
- The IMF said that a recent judicial reform creates "important uncertainties about the effectiveness of contract enforcement and the predictability of the rule of law."
- Banxico’s survey revealed that economists estimate the central bank will lower rates by 50 bps for the rest of the year. The USD/MXN exchange rate is projected to end at 19.69, and the economy is expected to grow by 1.45% in 2024.
- The New York Empire State Manufacturing Index for October, which was expected to drop from 11.3 to 2.3, came in at -11.90.
- Data from the Chicago Board of Trade via the December fed funds rate futures contract shows investors estimate 49 bps of Fed easing by the end of the year.
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