Reuters.- The peso lost this afternoon after it was published that the economy of the United States, Mexico’s main trading partner, grew in the third quarter below market expectations, which now expects to know the local GDP data on Friday.
The stock market fell under pressure in part from the shares of the cement giant Cemex, which fell to their lowest price in seven months after presenting a weak third-quarter report.
The peso was trading at 20.37 per dollar, with a loss of 0.32% compared to 20.30 in the Reuters reference price on Wednesday. Earlier he got to win until 20.26 units.
The US economy grew at its slowest pace in more than a year in the third quarter, amid a surge in Covid-19 infections. The Gross Domestic Product (GDP) registered a growth of 2%, compared to the 2.7% predicted by analysts.
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The peso suffers from adverse US GDP
“The figure below the consensus is interpreted as a negative signal for Mexico, since the growth of the Mexican economy depends largely on demand from the United States “BASE financial group said in a report.
A Reuters poll showed that the Mexican economy would have grown just 0.1% in the third quarter, compared to 1.5% growth in the previous period. The timely estimate of Mexican GDP will be published this Friday and the final revision on November 25.
While, the benchmark index of the Mexican stock market, the S & P / BMV IPC, fell 0.9% to 51,248.84 points with a volume of 151.4 million securities traded. This is its lowest closing level in 20 days.
Cemex shares fell 2.53% to 13.51 pesos after the firm released a quarterly report of results below expectations in these hours. In its first operations, the titles fell to 13.25 units, their lowest level since March 25.
In the debt market, the 10-year bond yield rose two basis points to 7.55%, while the 20-year rate fell one to 7.94%.
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