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Banxico Minutes, August Production Data

MEXICO
  • While Banxico confirmed unanimous expectations in September and held the policy rate at 11.25%, analysts will evaluate today’s minutes for any clues on the set of requirements that would be necessary to validate rate cuts. Elsewhere, production data is scheduled at 1300BST/0800ET:
    • Aug. Industrial Production SA M/m, est. 0.2%, prior 0.5%
    • Aug. Industrial Production NSA Y/y, est. 4.5%, prior 4.8%
    • Aug. Manuf. Production NSA Y/y, est. 0.1%, prior 0.8%
  • The Mexican peso continued its strong recovery on Wednesday and has further narrowed the gap this morning with initial support at the 20-day EMA, intersecting today at 17.7027. Key support has been defined at 17.3498, the Sep 29 low.

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