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Having narrowly escaped the recession with a 0.1% Gross Domestic Product (GDP) growth for second quarter of 2019, Mexican Finance Ministry has lowered its growth forecast for the year 2019 to 1.1%  as per Reuters.

The news report further quotes the ministry as it said that it had cut the forecast from a prediction of 2% made when the government presented the budget in December.

It shoudl also be noted that the country’s  President Andrés Manuel López Obrador has also been of view to witness 2.0% GDP growth while recently appearing in media.

FX Implications

USD/MXN kept bearing the burden of not-so-dovish Fed rate cut while showing less reaction to the news.