He Mexican peso It is valued this Friday for the second day in a row after learning that the local economy grew in the first quarter of the year higher than expected.
The national currency traded at the level of 17.9693 per dollar with an increase of 0.31% compared to 18.0260 units of the base price. Reuters on Thursday, when it rose 0.61%.
Mexico’s gross domestic product (GDP) grew 1.1% quarterly in the first quarter of 2023, hitting a record high, according to preliminary data released this Friday by the National Institute of Statistics and Geography (Inegi).
“The rise in the price of the peso is related to the data GDP growth better than expected,” local firm Banco Base said in a note.
Photo: Reuters
The United States also announced that personal consumption index (PCE), the Federal Reserve’s preferred indicator of inflation, rose in March, supporting rates on interest rate hike next week.
According to analysts at CI Banco, the peso is expected to fluctuate between 17.96 and 18.10 per dollar until the end of the session.
Mexican GDP increased by 3.9% y/y between January and March 2023, according to the source data of the autonomous institute. With these statistics, the Mexican economy has been running eight consecutive quarters of year-on-year growth and six quarterly growth.
The Economic Commission for Latin America and the Caribbean (Cepal) raised last week to 1.5% Mexico’s growth forecast for 2023, and the International Monetary Fund (IMF) increased it to 1.8% last April 11th.
(According to information from Reuters and EFE)
Source: Aristegui Noticias
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
