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Bi-Weekly CPI Data Due, Talks With US & Canada

MEXICO
  • Markets are expecting a marginal dip to 6.73% for annual core inflation at the Mid-July release from 6.89% at the full June reading. Easing global inflation, accumulated peso appreciation and base effects are contributing to the deceleration for both headline and core CPI, however, figures remain well above target and confirm the need for Banxico to maintain the current level of the interest rates. Any upside surprise will likely bolster the extended pause narrative with latest central bank rhetoric pointing to November as the earliest at which easing could be considered. Data is due at 1300BST/0800ET:
    • July Bi-Weekly CPI, est. 0.26%, prior 0.16%
    • July Bi-Weekly CPI Y/y, est. 4.77%, prior 4.93%
    • July Bi- Weekly Core CPI, est. 0.22%, prior 0.21%
    • July Bi-Weekly Core CPI Y/y, est. 6.73%, prior 6.86%
  • Separately, US Homeland Security Advisor Elizabeth Sherwood-Randall leads a delegation to Mexico City to discuss migration and opioids with Mexican and Canadian partners.
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