Mexico's peso drops sharply as US recession fears mount

Mexico's peso fell sharply on Sunday afternoon, hitting levels not seen since the end of 2022, amid growing concerns that the United States could be headed for a recession.

The peso was trading at 19.4120 units per dollar, representing a decline of 1.30% versus the Reuters reference price on Friday. Moments before it traded at 19.5580 pesos per dollar, the lowest since December 2022.

Mexico's peso was heading for its third consecutive day of losses, a run which followed soft U.S. manufacturing data on Thursday, compounded by a weak labor market report on Friday.