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The Mexican peso hovered around 17.5 per dollar, trading near a three-week low as weaker-than-expected GDP data reinforced the Bank of Mexico’s recent dovish stance. Mexico’s economy contracted by 0.8% in the first quarter of 2026, a deeper decline than the anticipated 0.5% drop. The figures underscored broad-based weakness, with both manufacturing and services posting sharp contractions, while extractive industries also slumped despite higher oil and silver prices.
The downturn strengthened expectations that Banxico will extend its interest-rate cutting cycle this year. In March, the central bank unexpectedly lowered its benchmark rate despite clear signs of strong inflationary pressures, reducing foreign-exchange inflows from carry trades that had previously supported the peso.
