He Mexican peso experienced a sharp depreciation this morning, losing more than 1.50 percent against the dollartrading above 17.33 units per US note, a level that had not been recorded since mid-January.
This decline in the Mexican currency occurred after the publication of data on economic growth in the United States during the first quarter of the year, which was lower than analysts' expectations.
According to information from the United States Department of Commerce revealed this Thursday, the US economy grew at an annualized rate of 1.6 percent in the first three months of the year.
This figure is considerably lower than the 3.4 percent growth reported in the previous quarter and below the 2.4 percent that economists had anticipated.
The slowdown is mainly attributed to a decrease in consumer spending, exports and public spending, both state and localas well as a reduction in federal spending.
Despite these results, the Commerce Department report suggests that the United States economy remains on solid footing, although growth is below the 2.1 percent projected by the Federal Reserve for all of 2024.
Consumer spending, considered the main driver of economic growth, advanced 2.5 percent, according to the same report.
In response to this data, the President of the United States, Joe Biden, issued a statement stating that “the American economy remains strong, with continued, stable and solid growth.”
However, Biden acknowledged that there is still work to be done to ease the financial burden on working families, pledging efforts to reduce health care and housing costs, as well as to eliminate “abusive fees” imposed by some airlines and banks. .
The performance of the peso against the dollar in the international currency market (Forex) has captured the attention of analysts and operators, given the influence that the economic indicators of the United States have on the economies and currencies of neighboring countries such as Mexico.
The trend of the Mexican currency in the short term could continue to be volatile, in response to new economic data and policies that may emerge in both countries.
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