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Moderate Economic Surge in Mexico Fails to Support the Peso

 

October 30, 2024 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com), a go-to platform for big investing ideas releases market commentary from Quasar Elizundia,Expert Research Strategist at Pepperstone.

"Mexico's economy registered its highest quarterly growth rate since the second quarter of 2023 during the third quarter of 2024, with a 1% increase. This result surpassed market expectations and represents a significant recovery after several quarters of nearly stagnant growth, averaging less than 0.1%. All economic activities contributed to this improvement, with primary activities growing by 4.6%.

However, despite these positive results, the Mexican peso has not achieved favorable performance against the U.S. dollar. This is due to various factors, including the release of U.S. growth data, which, although slightly below expectations (2.8% vs. 3%), showed a robust consumer spending rate, the highest since early 2023, which has been well-received by investors, strengthening the dollar. Furthermore, the day has been marked by risk aversion, negatively impacting the major currencies in the LATAM region.

Finally, the electoral context in the United States is also influencing the markets. The apparent lead of Donald Trump in the polls is driving what is known as the "Trump Trade", which has strengthened the dollar recently. Given these factors, the Mexican peso seems to be losing the key psychological level of 20 pesos per dollar in today's trading.

Looking ahead, the upcoming U.S. labor market data (NFP) will be crucial, especially considering the presidential election next Tuesday. If Donald Trump returns to the White House, we could see a significant additional devaluation of the peso, with a possible target of 22 pesos per dollar.."

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Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

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