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Mexico’s GDP forecast revised down

by Yucatan Times
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Most Latin American currencies dipped on Wednesday as the dollar regained strength and oil prices slipped ahead of a crucial U.S. inflation print later in the week, while rekindled troubles in China’s property sector also crimped sentiment.

MSCI’s gauge for Latin American currencies eased 0.4% after rising in the previous two sessions as the dollar strengthened ahead of the release of the Federal Reserve’s preferred measure of inflation on Thursday, Feb. 29th.

“USD strength and rates selloff over the month is not being challenged today,” Juan Manuel Herrera, senior economist at Scotiabank said in a note. Month-end investment flow demand was also likely propping up the dollar, according to Scotiabank. Latin American stocks sold off, losing 2% in the index’s worst day since Jan 16.

The inflation figures from the U.S. are being closely watched as investors seek more clues on when the central bank may start easing monetary policy. Comments from the Federal Reserve’s John Williams on Wednesday, February 28th, reinforced that policymakers are in no hurry to cut rates.

The Mexican peso fell 0.3% to 17.1038 after its central bank lowered 2024 economic growth forecasts to 2.8% from 3%, and increased forecasts for inflation. Mexico’s benchmark stock index fell 1.6% to its lowest level in over one month.

TYT Newsroom

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