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August Economic Activity Scheduled, Peso Pressure Remains

MEXICO
  • Economic activity in August is expected to have grown in August, according to economists in a Bloomberg survey, maintaining a solid level of annual growth for the economy. Data is due to be released at 1300BST/0800ET:
    • Aug. Economic Activity IGAE M/m, est. 0.30%, prior 0.15%
    • Aug. Economic Activity IGAE Y/y, est. 3.40%, prior 3.19%
    • Separately, top officials will speak along with executives from Mexican pension fund association Amafore at the group’s annual event.
  • Additionally, this week Mexico will report mid-October inflation data, as well as the unemployment rate and trade balance figures for September. It is worth noting there will be one final inflation release before the next central bank decision, which both fall on November 09.
  • A weaker equity backdrop has hampered the Mexican peso since the open, however USDMXN remains shy of last week’s highs which reside at 18.4663. The trend outlook remains bullish and sights are on $18.6172, the 76.4% retracement of the Mar 20 - Jul 28 downleg.
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