The Mexican peso dropped today as the outlook for US economic growth is not very optimistic, reducing demand for exports of the Latin American country.
Prospects for slower growth reduce attractiveness of emerging markets’ assets. That is a common trend among export-dependent economies. Mexico relies less on trading with Europe and more with the United States. Previously, that could have buoyed up the currency. Yet, the US central bank lowered its growth forecast yesterday, removing such supportive factor for the peso.
USD/MXN climbed from 13.698 to 13.9080 as of 18:17 GMT today.
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