08:32 AM EDT, 06/21/2024 (MT Newswires) -- The Mexican peso shrugged off a softening of economic activity in April when building gains over the US dollar and most other major currencies going into the North American open on Friday, aided by an ebbing of the greenback's earlier strength.

USD/MXN was quoted 0.47% lower around 18.26 after coming under further pressure even after the Instituto Nacional de Estadistica Geografia e Informatica, or INEGI, said economic activity fell 0.6% month-over-month in April.

That more than reversed the 0.3% increase seen in March and was deeper than the expected contraction of 0.3%. However, weaker activity in April wasn't enough to keep the year-over-year growth rate from rising to 5.4%, from -1.3% previously.

The YoY expansion was faster than the expected 3.8% increase and was announced as the US dollar turned lower against many major counterparts going into the North American open.

Mexico's peso outperformed all other G20 counterparts throughout the European morning but extended gains following the data as European dollar buyers appeared to be overwhelmed by newfound sellers in early North American trade.