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Banxico’s Espinosa Speaks, May Unemployment Rate Rises

MEXICO
  • Despite some minor gains overnight, USDMXN maintains a softer tone following last week’s move lower and extension of the recent reversal from the Jun 16 high of 20.7014.
    • The pullback is considered corrective, however, there is also the risk of a deeper retracement near-term. Price is below both the 20- and 50-day EMAs and a continuation lower would open 19.6185, the Jun 10 low.
    • The Peso is being supported by the unanimous 75bp hike last week from Banxico and accompanying hawkish statement, helping to underpin the recent strength.
    • Softer US data and accompanying recessionary risks continue to be a lingering headwind that has yet to manifest in the price action.
  • Just released: Mexico May Unemployment Rate 3.27%; Est. 3.10%, Prior 3.03%
  • Banxico Deputy Governor Irene Espinosa speaks at JPMorgan event with chief Mexico economist Gabriel Lozano on monetary policy challenges.
  • Mexico’s central bank will report weekly international reserves, previously at $198.2b, for the week ending June 24.
    • Remittances data and the latest central bank economist survey will be published on Friday.
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