The Mexican Peso tumbles more than 0.41% against the US Dollar on Tuesday, following the release of Mexico’s Gross Domestic Product (GDP) figures missing estimates for the first quarter on a yearly basis.
Mexican Peso falls over 0.41% after Mexico 's Q1 GDP growth underperforms expectations. Stronger-than-expected US Employment Cost Index bolsters US Dollar, diminishing prospect for imminent Fed rate cut. Despite quarterly GDP growth exceeding expectations in Mexico , annual figures fail to meet forecasts, contributing to Peso's decline. The Mexican Peso tumbles more than 0.
Fed is expected to keep rates unchanged at May 1 meeting, though traders will be eyeing Fed Chair Jerome Powell’s press conference. A hawkish tilt could trigger a jump in favor of the Greenback; otherwise, the USD/MXN could resume its downtrend. Data from the Chicago Board of Trade suggests that traders expect the fed funds rate to finish 2024 at 5.080%, up from 5.035% on Monday.
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