The Mexican peso reflects a negative reaction after it became known that GDP in the United States grew 1.6 percent in the first quarter of 2024, less than anticipated.
Information of Bloomberg shows that the national currency depreciates 0.64 percent, so the exchange rate is located at 17.18 units, 11 cents more compared to the Closing on Wednesday, April 24.
Specialists expected the world’s largest economy to grow 2.5 percent in the first three months of 2024. In this regard, the Office of Economic Analysis explained that the slowdown of the US GDP was influenced by lower consumer spending, exports, and state and local government spending and a stagnation in federal government spending.
Why is the Mexican peso depreciating today, April 25?
“The Mexican currency was affected by the possibility of a contagion of the weakening of US economic activity from 1Q24 to Mexico via lower exports, remittances and Foreign direct investment”said Janneth Quiroz, director of economic and exchange analysis at Monex.
While, the dollar index (dxy)which measures the strength of the US currency against a basket of six currencies, fell 0.17 percent to stand at 105.67 points.
Regarding the Bloomberg Dollar Index (bbdxy)operates at 1,261.17 units after an advance of 0.01 percent.
While, according to Citibanamex figuresat bank windows the price of the green bill is 17.64 pesos each.
Which currencies lose the most against the dollar this Thursday?
Among the most depreciated currencies are the Colombian peso with 0.77 percent; the brazilian real with 0.69 percent; the swedish crown with 0.67 percent; the Israeli shekel with 0.55 percent, and the south korean won with 0.39 percent.
In the money market, the yield of the 10-year Mbono in Mexico is placed at a rate of 10.31 percent, while in the United States, the yield of the 10-year bond reaches a level of 4.72 percent.
