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Banamex Survey Shows Delayed Forecast for Banxico Easing

MEXICO
  • Yesterday's late release of the Banamex survey showed market expectations for a Banxico rate cut have drifted further, pushing the forecast for the first cut back to March from February previously.
  • A four month strike at the Newmont goldmine in Peñasquito will conclude after workers agreed to an 8% salary rise with mine bosses - lower than initial demands for 10-20% pay rise backdated to August 1st. Going forward, workers will now receive 10% of profits for 2023 as long as the company sees a net income gain.
  • The data and speaker schedule is light Friday, with just vehicle production data on the docket. This keeps news and developments concerning the airport concessions reform as well as US nonfarm payrolls a key driver for markets.
  • USD/MXN holds just below yesterday's cycle highs, with the pair holding the bulk of the rally into the close. 18.3756 remains the first upside level, a break above which opens fresh highs and levels last seen in late March this year.

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