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.
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