Daily digest market movers: Mexican Peso slumps as USD/MXN surges past 19.80
- Earlier during the North American session, the Mexican Peso touched a five-week low as the USD/MXN hit a high of 19.93, shy of the psychological 20.00 figure.
- 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.
- US Import Prices plunged -0.4% MoM as expected in September. Export prices plummeted -0.7% more than estimates of -0.4% contraction and less than August’s -0.9%.
- Data from the Chicago Board of Trade via the December fed funds rate futures contract shows investors estimate 50 bps of Fed easing by the end of the year.
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