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August Economic Activity Due, Q3 GDP Data Scheduled For Friday

MEXICO
  • The Mexican peso was a beneficiary last week as US equity indices maintained an upward trend and price action confirmed a more benign risk outlook.
  • Technically, the picture for USDMXN was altered following a break of 20.2514, 61.8% of the Sep - Oct rally. Additionally, the pair also traded below the 50-day EMA with 20.0975, the 76.4% retracement, holding as support at the first time of asking. A continuation of this bearish pressure may open 19.9368, Sep 22 low.
  • Bi-weekly Oct-15 CPI marginally surprised estimates to the upside which may confirm further hawkish action from the central bank at the November 11th meeting.
  • Highlights this week will be the preliminary Q3 GDP release on Friday, however economic activity data for August will kick off the domestic data calendar today:
    • 1200BST/0700ET: Aug. Economic Activity IGAE MoM, est. 0.20%, prior 0.54%
    • 1200BST/0700ET: Aug. Economic Activity IGAE YoY, est. 6.30%, prior 7.09%
    • 1200BST/0700ET: Sept. Unemployment Rate NSA, prior 4.33%
    • Senate committees to meet on 2022 budget proposal, Ricardo Monreal (Senate Majority Leader), said in a tweet.
  • Hurricane Rick strengthened a bit Sunday night while heading for Mexico's southern Pacific coast, where is was expected to make landfall Monday. (APW)
    • The U.S. National Hurricane Center said Rick had winds as high as 90 miles per hour (150 kph) and was expected to hit somewhere around the seaport of Lazaro Cardenas and the resort of Zihuatanejo. Forecasters said the storm's winds and rain could also affect the larger resort of Acapulco to the east.
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