The Mexican peso fell against the US dollar today as Mexico’s economy disappointed economists, growing slower than analysts had anticipated.
Mexico’s economic growth slowed to 0.5% in the fourth quarter of the previous year down from 0.8% in the third quarter, below analysts’ expectations. One of the reasons for the stagnating growth was the decline of oil prices and weakness of the US manufacturing sector that was limiting demand for Mexican exports. The falling currency may hurt growth even more, hampering domestic consumption.
USD/MXN rose from 18.1862 to 18.2064 as of 00:39 GMT today.
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