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April Industrial Production, May ANTAD Same-Store Sales Due Today

MEXICO
  • The Mexican peso remains under pressure today after comments from President-elect Claudia Sheinbaum last night that Congress should prioritise judicial reform. To recap, she proposes a wide discussion on reforms in the coming months and hopes for priority reforms to be discussed in September. USDMXN is currently up by ~0.8% on the day at around the 18.40 level, with sights on 18.7976, the Mar 24 ‘23 high.
  • Data wise, industrial production is expected to increase by 4.2% y/y in April, up from -3.0% in March (1300BST/0800ET). Within this, analysts expect manufacturing production to increase by 6.0% y/y, vs. -5.0% prior. Separately, ANTAD same-store sales for May are also due to be released, while May nominal wages could cross.
    • April Industrial Production SA MoM, est. 0.3%, prior 0.6%
    • April Industrial Production NSA YoY, est. 4.2%, prior -3.0%
    • May ANTAD Same-Store Sales YoY, prior 0.6%

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