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Peso Weakens Following Retail Sales Announcement

Peso Weakens Following Retail Sales Announcement

Michael Romero, Contributor

Talking Points:

• Peso Weakens Versus USD.

• Monthly Retail Sales Data Signifies December 2014 Slowdown.

• Yearly Retail Sales Data Above 2013 Figure.

The Peso retreated as Mexican retail sales year-on-year data for December 2014 rebounded above the previous figure of 1.20 percent, however crossed the wire directly in line with leading economists’ expectations of 2.40 percent. On a month-on-month scale, retail sales fell 0.90 percent, a huge dip compared to November 2014’s reading of 0.80 percent.

In their February 18th, 2015 quarterly report, the central bank of Mexico also reported that an estimated 2014 GDP has registered a growth rate of about 2.1 percent, reflecting a momentum in both domestic and external demand. Policymakers also noted that shocks to inflation, mainly stemming from falling world oil prices contributed to the Board of Governor’s decision to keep interest rates stable at 3 percent in the last quarter of 2014.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.