The Mexican peso weakened today as the nation’s trade balance posted an unexpected deficit last month, fueling concerns about economic growth in the country.
Mexico’s trade balance had a deficit of $3.2 billion in January. Economists have counted on a surplus of $314 million. Consumer confidence dropped to 84.5 last month, reaching the lowest level since April 2010 and missing the median estimate of 90.1. The poor domestic data, coupled with the general adverse market sentiment, was detrimental to the peso.
USD/MXN advanced from 13.2366 to 13.3325 as of 18:13 GMT today.
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