Mexico Q2 GDP misses forecast; nominal growth accelerates

Mexico's Q2 GDP grew 2.1% year-on-year (est. 2.2%), below expectations, while quarterly SA growth came in at 1.4% versus 1.5% forecast. Nominal GDP YoY surprised higher at 6.3% (est. 4.3%), signalling inflation persistence. USD/MXN traders should monitor whether the growth miss shifts Banco de México rate-cut expectations ahead of September decisions; softer real growth may pressure the peso if it narrows the rate differential with the Fed.