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404144Mexico Economic Activity Growth at 26-Month Low2/22/2024 12:11:28 PM"Economic activity in Mexico grew by 1.1% year-on-year in December 2023, the least since October 2021, but above market expectations of a 0.7% expansion. Despite this, the economy has shown resilience during the Bank of Mexico's tightening efforts, experiencing over two consecutive years of expansion. Industrial activity saw a slowdown (1.2% compared to 3% in November), as well as the agricultural sector (2.6% compared to 3.2%). However, services rebounded (2.7% compared to -6.7%). On a seasonally adjusted monthly basis, Mexico's economy remained flat in December, exceeding predictions of a 0.2% downturn and following a decline of 0.4% in the prior month."MexicoMonthly GDP YoYMEXMGY/mexico/monthly-gdp-yoy1
403966Mexico Retail Sales Unexpectedly Fall in December2/21/2024 12:18:04 PM"Retail sales in Mexico declined 0.2 percent year-on-year in December 2023, following a 2.7 percent gain in the previous month and below market expectations of a 2.5 percent rise. It was the first fall in retail trade since February 2021, driven by lower sales of auto vehicles (-9.9%), hardware & glass items (-7.8%), and health items (-5.4%). On the other hand, trade improved for e-commerce (+31.2%), self-service and department stores (+7.4%), and household goods, computers, articles for the interior decoration and used items (+5.7%). On a seasonally adjusted monthly basis, retail sales fell by 0.9% in December, below consensus of a 0.2% rise and following a 0.1% increase in November."MexicoRetail Sales YoYMEXRetailSalesYoY/mexico/retail-sales-annual1
403850Mexican Peso at 1-Month High2/20/2024 3:49:28 PM"The Mexican peso traded around the 17 per USD mark in February, its strongest in one month, benefiting from a weaker US dollar as investors delayed bets on the Federal Reserve’s first interest rate cut. Domestically, the Bank of Mexico maintained its interest rate at the record high of 11.25% in its February meeting, contributing to the strength of the Mexican currency. Additionally, Banxico revised its inflation expectations upward for Q1 to Q3 of 2024, projecting inflation to converge towards 3.5% in Q4, aligning with the latest monetary policy statement and supporting hawks in Banxico."MexicoCurrencyUSDMXN/mexico/currency1
403469Mexican Peso Advances for the 2nd Session2/15/2024 9:29:07 PM"The Mexican peso traded around the 17.05 per USD mark, rebounding from the lowest since the start of the month seen February 13th, as the US dollar weakened amid signs of a slowing economy. US retail sales for January unexpectedly dropped by 0.8%, while Chicago Fed President Austan Goolsbee warned against delaying interest rate cuts. Domestically, in its February meeting, the Bank of Mexico chose to keep its interest rate at the record high of 11.25%, supporting the Mexican currency. Additionally, Banxico revised its inflation expectations upward for Q1 to Q3 of 2024, projecting inflation to converge towards 3.5% in Q4, according to the latest monetary policy statement."MexicoCurrencyUSDMXN/mexico/currency1
403087Mexican Peso Falls to February Low2/13/2024 3:49:40 PM"The Mexican peso depreciated to the 17.2 per USD mark halfway through February, the lowest since the start of the month, as evidence of stubborn inflation in the United States prolonged the period of restrictive policy expected by markets and lifted the US dollar. Besides pressuring the currency pair, hawkish policy by the Federal Reserve hampered investors' risk sentiment and drew capital out of emerging economies in Latin America. Domestically, the Bank of Mexico opted to hold its interest rate unchanged at the record high of 11.25% in its February meeting and withdrew its guidance that signaled that interest rates would to be maintained at that level in the future, contributing to the currency’s depreciation."MexicoCurrencyUSDMXN/mexico/currency1