The Mexican peso's decline today reflects a 2% loss, breaching the psychological barrier of 19 pesos per dollar, amid ongoing market volatility tied to international factors.
This downturn in the peso is exacerbated by disappointing U.S. employment reports, where 818,000 fewer jobs were added than previously stated, indicating economic weakness.
In Mexico, the economic challenges are significant, with retail sales dropping 3.9% year-on-year in June 2024, showing the largest decline in over three years, amid declining consumer confidence.
The close economic ties between the U.S. and Mexico mean that any weakness in U.S. economic activity will have a direct and often immediate impact on Mexico's economy.
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