Mexican Peso weakens: US Dollar strengthens after IMF predicts slower Mexican GDP growth

The Mexican Peso has taken a hit, as the USD/MXN currency pair rose past 19.50 due to a combination of risk aversion and a lack of an economic schedule in Mexico. The IMF predicted that Mexico’s economy would grow by 1.5% in 2024 and 1.3% in 2025, while inflation was expected to get close to the Bank of Mexico’s 3% goal. San Francisco Fed’s Mary Daly hinted at possible rate cuts, boosting the US Dollar amid mixed US economic outlook.