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The Mexican peso continues to lose ground, dropping by 0.2% on Wednesday’s session

Ignacio Teson•Wednesday, February 28, 2024•1 min read

The Mexican currency falls in line with other currencies amid the global advance of the United States dollar, following the release of figures indicating that the world’s largest economy continues to grow at a healthy pace.

The Mexican peso depreciates slightly on Wednesday morning. The local currency falls amid the global advance of the United States dollar, following the release of figures indicating that the world’s largest economy continued to grow at a healthy pace in the fourth quarter of 2023.

The spot exchange rate stands at the level of 17.0825 units per dollar. Compared to 17.0589 units, the official closing of yesterday by the Bank of Mexico (Banxico), this movement represents a loss for the peso of 2.36 cents, equivalent to a variation of 0.14 percent.

The price of the dollar moves within a narrow range with a maximum of 17.1160 units and a minimum level of 17.0660 units. The Dollar Index (DXY), from the Intercontinental Exchange, which measures the US dollar against a basket of six references, rises 0.26% to 104.10 points.

The growth of the US GDP in the fourth quarter was marginally revised downward from 3.3% quarterly annualized to 3.2 percent. In the third quarter, it grew by 4.9 percent. However, the world’s largest economy continued to grow at a healthy pace. Meanwhile, throughout the day, speeches from some officials of the US central bank, including Raphael Bostic, Susan Collins, and John Williams, are scheduled, while locally, attention is focused on the quarterly report from the Bank of Mexico.

President Andrés Manuel López Obrador announced on Wednesday that he would refrain from participating in the North American Leaders’ Summit and questioned the leaders of Canada and the United States, asking for respect towards the country, in response to several ongoing fronts in diplomatic, trade, and migration matters against Mexico.

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ABOUT THE AUTHOR See More
Ignacio Teson
Ignacio Teson
Economist and Financial Analyst
Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.
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